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GIMBEL v. SIGNAL COMPANIES, INC.

316 A.2d 619 (1974)

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

Supreme Court of Delaware.

February 7, 1974.

Attorney(s) appearing for the Case

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

Richard F. Corroon, Robert K. Payson, of Potter Anderson & Corroon, Wilmington, and Alan N. Halkett, of Latham & Watkins, Los Angeles, Cal., for The Signal Companies, Inc. and Signal Oil and Gas Co.

S. Samuel Arsht, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Cyrus R. Vance, of Simpson, Thacher & Bartlett, New York City, for Burmah Oil Co.

CAREY and DUFFY, JJ., and TAYLOR, Judge, sitting.

PER CURIAM:

This is a derivative action by a stockholder to enjoin his corporation, The Signal Companies, Inc., from selling all outstanding capital stock of Signal Oil & Gas Company, its wholly owned subsidiary, to Burmah Oil Incorporated. In an exhaustive opinion, the Chancellor ruled that a preliminary injunction would issue restraining the sale on condition that plaintiff give security in the amount of $25 million.1 Del.Ch.,

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