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EQUITY CORPORATION v. MILTON

213 A.2d 439 (1965)

The EQUITY CORPORATION, Plaintiff, and Eugene Casey, Intervening Plaintiff, v. David M. MILTON and Triangle Securities Corporation, Defendants.

Court of Chancery of Delaware, New Castle.

September 24, 1965.

Attorney(s) appearing for the Case

Richard F. Corroon, of Berl, Potter & Anderson, Wilmington and Richard Wait of Choate, Hall & Stewart, Boston, Mass., for plaintiff.

Alexander L. Nichols and David A. Drexler, of Morris, Nichols, Arsht & Tunnell, Wilmington, for intervening plaintiff.

John Van Brunt, of Killoran & Van Brunt, Wilmington and Milton V. Freeman, of Arnold, Fortas & Porter, Washington, D. C., for defendants.

MARVEL, Vice Chancellor:

According to its unverified complaint, The Equity Corporation, a registered investment company, was deprived of an opportunity to acquire 1,773,665 shares of its own stock in 1963 by reason of the fact that the defendant David M. Milton, then as well as now chief executive officer of the plaintiff corporation, in alleged violation of his fiduciary duty to plaintiff, on August 9, 1963, caused his wholely...

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