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GIMBEL v. SIGNAL COMPANIES, INC.

316 A.2d 599 (1974)

Louis S. GIMBEL, III, Plaintiff, v. The SIGNAL COMPANIES, INC., et al., Defendants.

Court of Chancery of Delaware, New Castle.

January 10, 1974.

Attorney(s) appearing for the Case

Rodney M. Layton, and Charles F. Richards, Jr., of Richards, Layton & Finger, Wilmington, Denis G. McInerney, F. Arnold Daum, W. Leslie Duffy, William T. Lifland, and Allen S. Joslyn, of Cahill, Gordon & Reindel, New York City, for plaintiff.

Richard F. Corroon, Robert K. Payson, and Peter M. Sieglaff, of Potter, Anderson & Corroon, Wilmington, Alan N. Halkett, of Latham and Watkins, and Brewster L. Arms, Los Angeles, Cal., for defendant Signal Companies, Inc. and Signal Oil and Gas Co.

S. Samuel Arsht, of Morris, Nichols, Arsht & Tunnell, Wilmington, William J. Manning, and Charles D. Edelman, of Simpson, Thacher & Bartlett, New York City, for defendant Burmah Oil Inc.

QUILLEN, Chancellor:

This action was commenced on December 24, 1973 by plaintiff, a stockholder of the Signal Companies, Inc. ("Signal"). The complaint seeks, among other things, injunctive relief to prevent the consummation of the pending sale by Signal to Burmah Oil Incorporated ("Burmah") of all of the outstanding capital stock of Signal Oil and Gas Company ("Signal Oil"), a wholly-owned subsidiary of Signal. The effective...

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