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IN RE JONES & LAUGHLIN STEEL CORP.

488 Pa. 524 (1980)

412 A.2d 1099

In re JONES & LAUGHLIN STEEL CORPORATION. Appeal of Mr. and Mrs. Walter BARCHESKI, James D'Antonio, Harold B. Dally, Robert J. Donovan, William H. Ehrgott, Mr. and Mrs. Bert D. Peterson, Dr. and Mrs. Edward N. Peterson, Paul J. Piccirilli and Alexander H. Scott.

Supreme Court of Pennsylvania.

Decided March 20, 1980.

Attorney(s) appearing for the Case

Allen H. Berkman, John P. Edgar, Pittsburgh, for appellant.

Gilbert J. Helwig, Edward Hoopes, Joseph F. McDonough, Pittsburgh, for appellee.

Before EAGEN, C.J., and O'BRIEN, ROBERTS, NIX, LARSEN and FLAHERTY, JJ.

OPINION

NIX, Justice.

Appellants, minority stockholders in the Jones & Laughlin Steel Corporation (J & L), sought to challenge the validity of a 1974 merger through which J & L "went private" and deprived them of equitable interest in J & L. The Superior Court ruled that appellants' sole post-merger remedy is the statutory appraisal proceeding of § 515 of the Business Corporation Law (BCL),

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