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RAPID-AMERICAN CORP. v. HARRIS

603 A.2d 796 (1992)

RAPID-AMERICAN CORPORATION and McCrory Parent Corp., Respondents Below, Appellants/Cross-Appellees, v. David HARRIS, Leeburn Securities Limited, Cede & Co., Curt Rothschild, Naomi Weiss, Bastion Management Ltd., Bastion Fund-1980 L.P., Sea Venture International L.P., Cordoba Investment Ltd., and 398737 Ontario Ltd., Petitioners Below, Appellees/Cross-Appellants.

Supreme Court of Delaware.

Decided: January 23, 1992.

Attorney(s) appearing for the Case

William O. LaMotte, III and Robert J. Valihura, Jr., Morris, Nichols, Arsht & Tunnell, Wilmington, Jeffrey R. Mann (argued), Tab K. Rosenfeld (Rubin, Baum, Levin, Constant & Freidman, New York City, of counsel), for appellants/cross-appellees.

Stuart B. Young and Bruce L. Silverstein, Young, Conaway, Stargatt & Taylor, Wilmington, Eliot Lauer (argued), Benard V. Preziosi, Jr. (Curtis, Mallet-Prevost, Colt & Mosle, New York City, of counsel), for appellees/cross-appellants.

Before CHRISTIE, C.J., HORSEY and MOORE, JJ.

MOORE, Justice.

This consolidated appeal challenges the results of a statutory appraisal of Rapid-American Corporation ("Rapid") which awarded certain dissenting shareholders $51.00 per share. On January 31, 1981, Rapid and R.K. Holding Corporation merged into Kenton Corporation ("Kenton"). After the merger, Rapid was transformed into a privately-held corporation. Meshulam Riklis and his family acquired 60% of Rapid through...

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