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PHILADELPHIA NATIONAL BANK v. B. S. F. COMPANY

199 A.2d 557 (1964)

The PHILADELPHIA NATIONAL BANK, a national banking association organized under the laws of the United States of America, Trustee under Indenture dated as of December 1, 1961, of B. S. F. Company, Plaintiff, v. B. S. F. COMPANY, a Delaware corporation, and Glen Alden Corporation, a Pennsylvania corporation, Defendants.

Court of Chancery of Delaware, New Castle.

March 20, 1964.

Attorney(s) appearing for the Case

S. Samuel Arsht, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Ralph Earle, II, of Morgan, Lewis & Bockius, Philadelphia, Pa., for plaintiff.

Henry M. Canby, of Richards, Layton & Finger, Wilmington, and Royall, Koegel & Rogers, New York City, for defendant B. S. F. Co.

David F. Anderson, of Berl, Potter & Anderson, Wilmington, for defendant Glen Alden Corp.

MARVEL, Vice Chancellor.

In December 1961, plaintiff, a national banking association, and the defendant B.S.F. Company entered into a trust indenture in which plaintiff agreed to serve as trustee in connection with the proposed issuance by B.S.F. Company of $2,500,000 of 5¾% convertible subordinated debentures. The indenture, which was executed and acknowledged in Philadelphia, Pennsylvania, on December 28, 1961, sets...

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