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SPORBORG v. CITY SPECIALTY STORES

123 A.2d 121 (1956)

William D. SPORBORG, Jr., Elizabeth S. Morse, Sidney N. Morse, Jr., Sidney N. Morse, Morton M. Adler, Helen Adler, Nathan Kelmenson, Austin Tobey, and Benjamin M. Gruenstein, Plaintiffs, v. CITY SPECIALTY STORES, Inc., a Delaware Corporation, Defendant. Daniel P. SHEPARD and Mary L. D. Shepard, Plaintiffs, v. CITY SPECIALTY STORES, Inc., a Delaware Corporation, Defendant.

Court of Chancery of Delaware, New Castle.

June 8, 1956.

Attorney(s) appearing for the Case

Frank O'Donnell (of Berl, Potter & Anderson), Wilmington and William D. Sporborg, Jr., Port Chester, N. Y., for plaintiffs, except Daniel P. Shepard and Mary L. D. Shepard.

George T. Coulson (of Morris, Steel, Nichols & Arsht), Wilmington, for defendant.

SEITZ, Chancellor.

As a consequence of a merger of Oppenheim Collins & Co., Inc. ("Opcol") and Franklin Simon & Co. into City Specialty Stores, Inc., certain owners of stock of Opcol dissented and requested an appraisal of their shares. The appraiser fixed the value at $30.61 per share as of January 30, 1953, the effective date of the merger. Both the corporation and the dissenting shareholders have filed exceptions to the report of the appraiser and this...

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