ADAMS v. CLEARANCE CORPORATION

Civ. A. No. 644.

116 A.2d 893 (1955)

A. F. ADAMS, Alice E. Adams and Almera Electric Company, a Delaware corporation, Plaintiffs, v. CLEARANCE CORPORATION, a Delaware corporation, Allen S. Crane, Ranford Dunlap, Theodore S. Gary, G. L. Grawols, F. S. Spring, Emmett Swanson, E. C. Blomeyer, C. S. Cadwell, A. E. Carlson and V. E. Chaney, said Individuals as Voting Trustees of a certain Voting Trust Agreement dated April 1, 1954, covering voting stock of General and Telephone Investments, Inc., General and Telephone Investments, Inc., a Delaware corporation, and R. E. Williams, Defendants.

Court of Chancery of Delaware, New Castle.

September 26, 1955.


Attorney(s) appearing for the Case

John Van Brunt, Jr. (of Killoran & Van Brunt), Wilmington and Miller Walton (of Walton, Lantaff, Schroeder, Atkins, Carson & Wahl), Miami, Fla., for plaintiffs.

Richard F. Corroon (of Berl, Potter & Anderson), Wilmington and Thomas R. Mulroy (of Hopkins, Sutter, Halls, Owen & Mulroy), Chicago, Ill., for corporate defendants.


MARVEL, Vice Chancellor.

The individual plaintiffs, Mr. and Mrs. Adams, who are respectively chairman of the board and president of the corporate plaintiff, are also the holders of a majority of the voting stock of such corporation. The plaintiff, Almera Corporation, a Delaware corporation, holds voting control of Clearance Corporation, also a Delaware corporation, which latter corporation controls a third Delaware corporation, namely General and Telephone Investments...

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