JOHNSTON v. GREENE


121 A.2d 919 (1956)

Oswald L. JOHNSTON, Floyd B. Odlum, and Airfleets, Inc., a Delaware corporation (who were sued with George E. Allen, Eastman Birkett and W. C. Rockefeller, as co-defendants), Appellants, v. Frances B. GREENE and Myron L. Greene, Executors under the Last Will and Testament of Louis A. Greene, deceased, Appellees.

Supreme Court of Delaware.

April 2, 1956.


Attorney(s) appearing for the Case

Aaron Finger, Henry M. Canby, Louis J. Finger, of Richards, Layton & Finger, Wilmington, and Cyrus R. Vance, of Simpson, Thacher & Bartlett, New York City, for appellants.

Irving Morris, Wilmington, and Milton Paulson and Paul Roberts, New York City, for appellees.

SOUTHERLAND, C. J., and WOLCOTT and BRAMHALL, JJ., sitting.


SOUTHERLAND, Chief Justice.

The ultimate question in this case is the fairness of a transaction between a corporation and its president and dominating director. The court below held that he had appropriated for himself a corporate opportunity belonging to his corporation.

The pertinent facts, either uncontroverted or found by the Chancellor, are as follows:

Airfleets, Inc., is a Delaware corporation, organized...

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