GROPPER v. NORTH CENTRAL TEXAS OIL COMPANY


114 A.2d 231 (1955)

Isabelle GROPPER, Plaintiff, v. The NORTH CENTRAL TEXAS OIL COMPANY, Inc., a Delaware corporation, Defendant.

Court of Chancery of Delaware, New Castle.

May 13, 1955.


Attorney(s) appearing for the Case

Stewart Lynch (of Hastings, Lynch & Taylor), Wilmington, and Muccia & Muccia, New York City, for plaintiff.

Aaron Finger (of Richards, Layton and Finger), Wilmington, and Winslow M. Lovejoy (of Lovejoy, Morris, Wasson & Huppuch), New York City, for defendant.


MARVEL, Vice Chancellor.

Plaintiff seeks a preliminary injunction enjoining defendant, a Delaware corporation, from liquidating and making a cash distribution to its stockholders in the amount of $29 per share as a corollary to a proposed sale of its principal assets to North Central Corporation, a recently formed Delaware corporation. The agreement of sale of assets, the consummation of which plaintiff also seeks to enjoin, covers defendant's assets other than cash...

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