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APPLICATION OF DELAWARE RACING ASSOCIATION

206 A.2d 664 (1965)

Application of DELAWARE RACING ASSOCIATION, a corporation of the State of Delaware, for a determination, pursuant to Section 262 of the General Corporation Law of the value of certain shares of stock of The Delaware Steeplechase and Race Association.

Court of Chancery of Delaware, New Castle County.

January 20, 1965.

Attorney(s) appearing for the Case

William S. Potter and Charles S. Crompton, Jr., of Berl, Potter & Anderson, Wilmington, for petitioner.

Vincent A. Theisen and Aubrey B. Lank, of Theisen & Lank, Wilmington, for the objecting stockholders.

MARVEL, Vice Chancellor.

On July 31, 1963, Delaware Steeplechase and Race Association was merged into Delaware Racing Association after the latter had become the holder of 1390 of the 1519 shares of the former issued and outstanding immediately prior to such merger. As the holder of at least 90% of the outstanding shares of its subsidiary Delaware Racing Association was able to accomplish the summary absorption of such subsidiary under the provisions of Title 8 Del...

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