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PROPP v. SADACCA

175 A.2d 33 (1961)

Seymour PROPP, Plaintiff, v. Henri SADACCA, Thomas F. Bennett, Albert Greenberg, William R. Hamilton, David L. Kaltman, William V. Lurie, Louis Szel, Joseph H. Ward, Abraham Wolf and Noma Lites, Inc., Defendants.

Court of Chancery of Delaware, New Castle.

November 11, 1961.

Attorney(s) appearing for the Case

William E. Taylor, Jr., Wilmington, and Abraham L. Pomerantz, of Pomerantz, Levy & Haudek, New York City, for plaintiff.

Louis J. Finger of Richards, Layton & Finger, Wilmington, and Milton Kunen and Melvin A. Eisenberg of Kaye, Scholer, Fierman, Hays and Handler, New York City, for defendants.

Max S. Bell, Jr., and Louis J. Finger, Wilmington, and Milton Rosenkranz of Walscheid & Rosenkranz, Jersey City, N. J., for defendant, David L. Kaltman.

MARVEL, Vice Chancellor.

Plaintiff, a holder of 4,860 shares of the common stock of Noma Lites, Inc., claims that the defendant Henri Sadacca, who at the time of the transaction complained of was allegedly the owner of approximately eleven percent of the common stock of Noma Lites, Inc., had prior to such transaction gained effective control over the board of directors and officers of that corporation by means of his substantial stock holdings and the use made by...

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