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KRIEGER v. ANDERSON

173 A.2d 626 (1961)

Lester KRIEGER, Plaintiff, v. Thomas D. ANDERSON, Theodore E. Swigart, Ernest T. Skinner, W. T. Carter, III, George R. Bryant, Dillon Anderson, John M. Bennett, Jr., John H. Blaffer, Rorick Cravens, Robert K. Hutchings, J. W. Link, Jr., Charles A. Perlizt, Jr., Lawrence S. Reed, Edward Rotan, Frank Strachan, Funds, Inc., and Texas Fund, Inc., Defendants.

Court of Chancery of Delaware, New Castle.

August 4, 1961.

Attorney(s) appearing for the Case

Irving Morris, of Cohen & Morris, Wilmington, and Abraham L. Pomerantz and William E. Haudek, of Pomerantz, Levy & Haudek, New York City, for plaintiff.

Aaron Finger, of Richards, Layton & Finger, Wilmington, and David W. Peck, Alfred Jaretzki, Jr., and Marvin Schwartz, of Sullivan & Cromwell, New York City, for defendants, Thomas D. Anderson, Theodore E. Swigart, Dillon Anderson, John M. Bennett, Jr., John H. Blaffer, Rorick Cravens, Robert K. Hutchings, J. W. Link, Jr., Charles A. Perlitz, Jr., Lawrence S. Reed, Edward Rotan and Frank Strachan.

James M. Tunnell, Jr., of Morris, Nichols, Arsht & Tunnell, Wilmington, for defendants, Ernest T. Skinner, W. T. Carter, III and George R. Bryant.

William S. Potter, of Berl, Potter & Anderson, Wilmington, for defendant, Funds, Inc.

William F. Lynch, II, of Morris, James, Hitchens & Williams, Wilmington, for defendant, Texas Fund, Inc.

SEITZ, Chancellor.

This is a stockholder's derivative action brought on behalf of Texas Fund, Inc. ("Fund"), a Delaware corporation, which has a net asset value of about $38,000,000. The complaint deals with the sale of the stock of Fund's investment adviser and principal underwriter, Management Company ("Management" — not a defendant) to one of the defendants, Funds, Inc., which is a Delaware corporation formed for the purpose of acquiring such stock. The...

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