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FRANKEL v. DONOVAN

120 A.2d 311 (1956)

Harry FRANKEL, Plaintiff, v. G. E. DONOVAN, A. F. Chrystal, D. B. Geddes, S. L. Barbera, B. G. Furey, W. F. Mohan, M. Pretz, G. R. Aitken, S. D. Brown, T. G. Burke, R. Clifford, L. G. Farrell, H. R. Glennon, Jr., G. S. Kuykendall, H. S. Mayo, J. A. Medernach, J. F. Sand, Edgar Svikis, A. C. Visceglia, G. L. Holt, W. T. Moore, K. C. Tripp, W. H. Leith, S. J. Mueller, J. S. Harris, Katherine R. Swanton, Executrix of the Estate of Gerald F. Swanton, E. G. Barrett, Walter W. Dunker, C. F. Hodder, M. J. Kelly, Harry Martin, H. F. Sheeley, B. Silf Verberg, E. F. Sweeney, W. Bachmann, J. D. Beatty, J. G. Capelli, A. J. Corbett, Albert A. Cuneo, D. H. Downes, F. B. Fitch, H. K. Grady, C. A. Gutierrez, T. H. Kane, A. J. Keenan, R. A. Molloy, R. E. O'Brien, J. F. Roche, A. P. Smith, and Moore-McCormack Lines, Inc., a Delaware corporation, Defendants.

Court of Chancery of Delaware, New Castle.

February 10, 1956.

Attorney(s) appearing for the Case

William E. Taylor, Jr., and the late Robert C. Barab, Wilmington, and William E. Haudek (of Pomerantz, Levy & Haudek), New York City, for plaintiff.

Richard F. Corroon (of Berl, Potter & Anderson), Wilmington, for defendants.

MARVEL, Vice Chancellor.

Plaintiff, a stockholder of the corporate defendant suing in a representative capacity for all stockholders, complains that stock options granted in 1951 and 1952 by the corporate defendant to fifty of its executive employees under restricted stock option plans adopted by directors subject to approval by the stockholders,1 were invalid when issued because said options were allegedly gifts,2

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