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LANK v. STEINER

213 A.2d 848 (1965)

Alena LANK, William D. Lank, Sarah L. Marsh and Anne W. Westphal, Plaintiffs, v. Edmund F. STEINER, Elsie L. Steiner, and the President, Directors and Company of the Farmers Bank of the State of Delaware, a corporation of the State of Delaware, Administrator Cum Testamento Annexo of the Estate of John C. Lank, Deceased, Defendants. Edmund F. STEINER and Elsie L. Steiner, his wife, Plaintiffs, v. William D. LANK, Administrator of the Estate of Alena Lank, Deceased, Defendant.

Court of Chancery of Delaware, New Castle and Essex.

September 10, 1965.

Attorney(s) appearing for the Case

Aubrey B. Lank and Victor F. Battaglia (of Theisen & Lank), Wilmington, for plaintiffs in Civil Action No. 1852 and for defendant in Civil Action No. 219.

Houston Wilson, Georgetown, for defendant in Civil Action No. 219.

Jackson W. Raysor (of Tunnell & Raysor), Georgetown, for plaintiffs in Civil Action No. 219 and for defendants, Edmund F. Steiner, and Elsie L. Steiner in Civil Action No. 1852.

H. Edward Maull, Georgetown, for defendant, The President, Directors and Company of the Farmers Bank of the State of Delaware in Civil Action No. 1852.

SEITZ, Chancellor:

We have here two lawsuits which raise essentially the same issue, viz., the validity of options to buy corporate shares. If valid, the purchasers thereunder ("Steiner faction") will obtain absolute voting control of the corporation involved. The other group, the Westphal faction, seeks by one of these actions to invalidate the option agreements. In the other action the Steiner faction seeks specific performance of the attempt to exercise the options...

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