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FIDANQUE v. AMERICAN MARACAIBO CO.

92 A.2d 311 (1952)

FIDANQUE et al. v. AMERICAN MARACAIBO CO. et al.

Court of Chancery of Delaware, New Castle.

November 5, 1952.

Attorney(s) appearing for the Case

William S. Potter and James L. Latchum, of Berl, Potter & Anderson, Wilmington, and Robert B. Block and Francis S. Levien, New York City, for plaintiffs.

Alexander Nichols, of Morris, Steel, Nichols & Arsht, and Stanley Law Sabel, and Daniel E. Chieco of Chadbourne, Hunt, Jaeckel & Brown, New York City, for defendant American Maracaibo Co.

Henry M. Canby, of Richards, Layton & Finger, Wilmington, for defendant Frederick R. Ryan.

BRAMHALL, Vice Chancellor.

Maracaibo is engaged in the production of crude oil and is the owner of royalties and other oil interests in west Texas, Venezuela and Colombia. The holdings in Venezuela and Colombia are designated respectively as the San Antonia de Guanipa concession and the Barco concession. For several years prior to February, 1951, by reason of a substantial indebtedness, Maracaibo was unable to expand its holdings...

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