GREENE v. ALLEN


114 A.2d 916 (1955)

Frances B. GREENE and Myron L. Greene, executors under the Last Will and Testament of Louis A. Greene, deceased, Plaintiffs, v. George E. ALLEN, Eastman Birkett, Oswald L. Johnston, Floyd B. Odlum, W. C. Rockefeller, and Airfleets, Inc., a Delaware corporation, Defendants.

Court of Chancery of Delaware, New Castle.

June 27, 1955.


Attorney(s) appearing for the Case

Robert C. Barab, Wilmington and Milton Paulson and Paul Roberts, New York City, for plaintiffs.

Henry M. Canby and Louis J. Finger (of Richards, Layton & Finger), Wilmington and Cyrus R. Vance, New York City, for defendants.


SEITZ, Chancellor.

Plaintiffs are executors of the estate of a stockholder who brought this derivative action claiming that Floyd B. Odlum, corporate president and director, with the collaboration of other directors, appropriated a valuable opportunity which should have been acquired for the corporate defendant. This is the decision after final hearing on plaintiffs' right to an accounting.

The corporate defendant Airfleets, Inc. ("Airfleets") was organized...

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