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SCHIFF v. RKO PICTURES CORP.

104 A.2d 267 (1954)

SCHIFF et al. v. RKO PICTURES CORP. et al.

Court of Chancery of Delaware, New Castle.

March 26, 1954.

Attorney(s) appearing for the Case

Herbert L. Cobin, Wilmington, Harry. J. Halperin, Samuel L. Scholer, and Edmund B. Hennefeld (of Halperin, Natanson, Shivitz & Scholer), New York City, and Bernard Buchwald (of Hoffman, Bondi, Buchwald & Hoffman), New York City, for plaintiffs.

Russell J. Willard (of Hastings, Stockly & Walz), Wilmington, Israel Beckhardt and Louis C. Fieland, New York City, for Sidney Schwartz, intervening plaintiff.

William S. Potter and Richard F. Corroon (of Berl, Potter & Anderson), Wilmington, Ralston R. Irvine, Roy W. McDonald and Thomas K. Fisher (of Donovan, Leisure, Newton, Lumbard & Irvine), New York City, for defendant RKO Pictures Corp.

Robert C. Barab, Wilmington, and Nemerov & Shapiro, New York City, for Milton Friedman, intervening defendant.

SEITZ, Chancellor.

This is a stockholders' class action to enjoin the corporate defendant from accepting an offer to purchase its assets, and also for the appointment of a receiver. The court was so pressed for a quick decision that it did not have time to write a short opinion.

By letter, dated February 7, 1954, Howard R. Hughes, chairman of the board of RKO Pictures Corporation (hereafter called "RKO"), offered...

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