STEIGMAN v. BEERY


203 A.2d 463 (1964)

Max STEIGMAN and Joseph Greene, Plaintiffs, v. Harold W. BEERY, A. Ronald Button, Martin Comart, Arnold Gottlieb, Benjamin S. Haggett, Jr., Maurice Hirsch, Carl Madonick, Robert E. Morris, Robert Reale, Frank Satenstein, Jerry M. Tenney, H. Roy Penzell, Shirley Tenney, Eric Emory, Louis Monas, Rancho Mirage Realty Company, J. M. Tenney Corporation, Tenney Securities Corporation, Glen-Par Corporation, Glen-Operating Corporation, Tenney-Broff Corporation, Broadway Equities, Inc. and Tenney Corporation, Defendants.

Court of Chancery of Delaware, New Castle.

September 18, 1964.


Attorney(s) appearing for the Case

William E. Taylor, Jr., Wilmington, and Nemser & Nemser and Nemerov & Shapiro, New York City, for plaintiffs.

Richard F. Corroon, of Berl, Potter & Anderson, Wilmington, and Bodin & Gottlieb, New York City, for defendant Tenney Corp.

S. Samuel Arsht, of Morris, Nichols, Arsht & Tunnell, Wilmington, for defendant Jerry M. Tenney, Carl Madonick, Robert Reale, Arnold Gottlieb, Martin Comart, Frank Satenstein and Tenney-Broff Corp.

Clarence W. Taylor, of Hastings, Taylor & Willard, Wilmington, and Lewis M. Dabney, Jr., New York City, for objecting stockholders Jacobs, Krebs, Zlowe and others.

Frank J. Miller, Jr., Wilmington, and Herman Odell, New York City, for objecting stockholders Singer, Dembitzer, Aronstam, Whitman and Ross.


MARVEL, Vice Chancellor:

This action was commenced on January 3, 1963 on behalf of the defendant Tenney Corporation by Max Steigman, a Class A stockholder of the corporation purporting to act for all other stockholders of the corporation similarly situated and in the right of their corporation. His complaint alleged that such Class A stockholders had been injured at the hands of the defendant Jerry M. Tenney and the other defendants under his control through the alleged...

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