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NIXON v. BLACKWELL

626 A.2d 1366 (1993)

Allen NIXON, Harry Matlock, Roy Jolly, Floyd Schisler, Doyle Roach, Doyle Gilliam, John Milbourn, Tony Futrell, Edward Wiseman, Harold Bouland and E.C. Barton & Company, a Delaware corporation, Defendants Below, Appellants, v. Guy C. BLACKWELL, Guy C. Blackwell, III, Carolyn Mai Blackwell, Nancy Ann Blackwell, Trustee for Guy C. Blackwell, III, Nancy Ann Blackwell, Trustee for Carolyn Mai Blackwell, Mai Banks Blackwell, Executrix of the Estate of G. Lawrence Blackwell, Lea Ellen Blackwell, O.G. Blackwell, III, Dr. O.G. Blackwell, Custodian for Claire Blackwell, Laurie Blackwell Black, Janet Porter Blackwell, Dr. O.G. Blackwell, Thomas M. Bizzell, Trustee for Nancy Jane Lauck and Amanda Ann Lauck and St. Timothy Episcopal Church, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

Resubmitted on Oral Argument before the Court en Banc: January 12, 1993.

Resubmitted to newly-constituted Court en Banc: June 7, 1993.

Decided: June 22, 1993.

Rehearing Denied July 28, 1993.

Attorney(s) appearing for the Case

Grover C. Brown (argued), P. Clarkson Collins, Jr. of Morris, James, Hitchens & Williams, Wilmington, Tom D. Womack of Barrett, Wheatley, Smith and Deacon, Jonesboro, AR, and A. Wyckliff Nisbet of Friday, Eldredge & Clark, Little Rock, AR, for appellants.

David A. Drexler (argued), of Morris, Nichols, Arsht & Tunnell, Wilmington, for appellees.

Before VEASEY, C.J., HORSEY, MOORE, and WALSH, JJ., and RIDGELY, President Judge (sitting by designation pursuant to art. IV, § 12), constituting the Court en Banc.

VEASEY, Chief Justice:

In this action we review a decision of the Court of Chancery holding that the defendant directors of a closely-held corporation breached their fiduciary duties to the plaintiffs by maintaining a discriminatory policy that unfairly favors employee stockholders over plaintiffs. The Vice Chancellor found that the directors treated the plaintiffs unfairly by...

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