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PIPELIFE CORPORATION v. BEDFORD

Civ. A. 840.

145 A.2d 206 (1958)

PIPELIFE CORPORATION, a Delaware corporation, Plaintiff, v. Barney F. BEDFORD, John Boles, J. C. Cooper, B. G. Efting, and M. D. Fanning et al., Defendants.

Court of Chancery of Delaware, New Castle.

July 2, 1958.

Attorney(s) appearing for the Case

Stewart Lynch and Alfred Fraczkowski of Hastings, Lynch & Taylor, Wilmington, and David M. Thornton, Tulsa, Okl., for plaintiff.

Irving Morris of Cohen & Morris, Wilmington, for defendants, Bedford, Cooper, Fanning and Efting.

Howard L. Williams, Edmund D. Lyons and Arthur J. Sullivan, Morris, James, Hitchens & Williams, Wilmington, for certain other defendants.

SEITZ, Chancellor.

This is an action by the corporation to cancel certain of its stock issued, allegedly without consideration, to the defendants, Bedford, Cooper, Fanning and Efting ("defendants") who were the majority of the promoters of the corporation.

In 1949, Arvel C. Curtis ("Curtis"), along with Cleo S. Tomlinson ("Tomlinson"), secured a basic patent dealing with the method of cleaning and coating pipelines...

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