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PAN AMERICAN T. & I. CORP. v. COMMERCIAL METALS CO.

154 A.2d 151 (1959)

PAN AMERICAN TRADE AND INVESTMENT CORPORATION, a Delaware Corporation, American Rail and Steel Co., a Delaware Corporation, and Milton E. Canter, Plaintiffs, v. COMMERCIAL METALS CO., a Delaware Corporation, Defendant.

Court of Chancery of Delaware, New Castle.

August 21, 1959.

Attorney(s) appearing for the Case

George T. Coulson, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Louis Urow, Washington, D. C., for plaintiffs.

John P. Sinclair, of Berl, Potter & Anderson, Wilmington, for defendant.

MARVEL, Vice Chancellor.

Plaintiffs seek an accounting for their claimed share of profits derived by defendant from what plaintiffs contend was a joint venture mutually agreed on and voluntarily entered into by the parties. Pan American Trade and Investment Corporation is a wholly owned subsidiary of American Rail and Steel Co.; Milton E. Canter is the president and majority stockholder of American Rail and Steel Co., and plaintiffs engage in the business of buying...

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