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HART v. GEN. MOTORS CORP.

129 A.D.2d 179 (1987)

Milledge A. Hart, III, Individually and on Behalf of All Other Persons Similarly Situated and Derivatively on Behalf of General Motors Corporation, Respondent, v. General Motors Corporation et al, Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

June 25, 1987

Attorney(s) appearing for the Case

Dennis J. Block of counsel (Irwin H. Warren, Stephen A. Radin and Timothy E. Hoeffner with him on the brief; Weil, Gotshal & Manges, attorneys), for individual directors of General Motors Corporation, appellants.

Roy L. Reardon, Joseph F. Tringali, Stephen C. Neal, Robert J. Kopecky and William F. Dolan of counsel (Simpson Thacher & Bartlett, Kirkland & Ellis; and Michael J. Basford and Louis H. Lindeman, Jr., attorneys), for General Motors, appellant.

Evan R. Chesler of counsel (Thomas D. Barr, Robert N. Feltoon, Robert B. Silver, Christopher M. Mason, Thomas W. Luce, III, and M. David Bryant, Jr., with him on the brief; Cravath, Swaine & Moore, and Hughes & Luce, attorneys), for H. Ross Perot, appellant.

Melvyn I. Weiss of counsel (Michael C. Spencer and Steven G. Schulman with him on the brief; Milberg Weiss Bershad Specthrie & Lerach, attorneys), for respondent.

MURPHY, P. J., ROSS, ASCH and WALLACH, JJ., concur.

SULLIVAN, J.

In October 1984, General Motors (GM), a Delaware corporation with its principal place of business in Michigan, acquired 100% of the voting securities of Electronic Data Systems Corp. (EDS), a highly successful computer services firm, at a cost of some $2,500,000,000. Under the terms of the acquisition, each outstanding share of EDS stock was exchanged, at the option of the EDS shareholder, for either...

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