PANAMANIAN SECURITIES v. PUNTA ALEGRE SUGAR CORP.


146 A.2d 808 (1958)

PANAMANIAN SECURITIES, Incorporated, Plaintiff, v. PUNTA ALEGRE SUGAR CORPORATION, a Delaware corporation, The Chase Manhattan Bank, a New York corporation, and Robert L. Cudd, Defendants.

Court of Chancery of Delaware, New Castle.

December 11, 1958.


Attorney(s) appearing for the Case

S. Samuel Arsht and George Tyler Coulson of Morris, Nichols, Arsht & Tunnell, Wilmington, for plaintiff.

Robert H. Richards, Jr., and Henry M. Canby of Richards, Layton & Finger, Wilmington, for defendant, Chase Manhattan Bank.

Richard F. Corroon of Berl, Potter & Anderson, Wilmington, for defendant, Punta Alegre Sugar Corp.


SEITZ, Chancellor.

The corporate defendants, Punta Alegre Sugar Corporation ("Punta") and The Chase Manhattan Bank ("Chase") have filed a combined motion to dissolve a restraining order heretofore issued against them. Basically it restrained Punta from transferring shares registered in plaintiff's name or paying dividends thereon. It restrained Chase from attempting to sell the same stock (the certificates being held by it) or using the dividends received. Chase is...

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