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KAHN v. GENERAL DEVELOPMENT CORPORATION

163 A.2d 251 (1960)

Albert B. KAHN and Howard L. Williams, Plaintiffs, v. GENERAL DEVELOPMENT CORPORATION, a corporation of the State of Maryland, Bellanca Corporation, a corporation of the State of Delaware (formerly known as Bellanca Aircraft Corporation), Blue Star Air Lines, Inc., a corporation of the State of Delaware, A. L. Gursha et al., Defendants.

Court of Chancery of Delaware, New Castle.

July 7, 1960.

Attorney(s) appearing for the Case

Henry N. Herndon, Jr., of Morris, James, Hitchens & Williams, Wilmington and Nathan N. Schildkraut, Trenton, N. J., for plaintiffs.

Geogre T. Coulson of Morris, Nichols, Arsht & Tunnell, Wilmington, and George N. Craig of Craig, Summers & O'Hara, Washington, D.C., for defendant, Bellanca Corp.

Daniel L. Herrmann of Herrmann & Duffy, Wilmington, and Theodore Charnas and Hyman Jacobs, New York City, for individual defendants, Alvin L. Gursha, Elgin L. Shaw, Daisy Shaw Elliott, Daisy L. Ogletree and Sylva L. Ogletree.

Edmund D. Lyons of Morris, James, Hitchens & Williams, Wilmington, for defendant, Arthur W. Seiver.

No appearance for other defendants.

SEITZ, Chancellor.

Plaintiffs are escrow agents under an agreement dated June 5, 1956, between Bellanca ("Bellanca") and General Development Corporation ("GDC"), hereafter called the "escrow agreement" or "agreement". The terms of the agreement applied to GDC and its depositing stockholders. Bellanca deposited with the plaintiffs 4,000 shares of its common stock. Bellanca was given an option to take the GDC shares in return for the Bellanca shares under certain conditions...

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