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OIL & GAS VENTURES, INC. v. CHEYENNE OIL CORPORATION

222 A.2d 312 (1966)

OIL & GAS VENTURES, INC., a Delaware corporation, as sole General Partner in behalf of Oil & Gas Ventures — First 1958 Fund, Ltd., a New Jersey limited partnership, Oil & Gas Ventures, Inc., a Delaware corporation, as sole General Partner in behalf of Oil & Gas Ventures — Second 1958 Fund, Ltd., a New Jersey limited partnership, and Oil & Gas Ventures, Inc., a Delaware corporation as sole General Partner in Behalf of Oil & Gas Ventures — First 1959 Fund, Ltd., a New Jersey limited partnership, Plaintiffs, v. CHEYENNE OIL CORPORATION, Forward Enterprises, Inc., Westland Oil Development Corporation, Louis Kung, Arthur B. Rothwell, C. F. Chien, and T. P. Wang, Defendants and Third-Party Plaintiffs, v. Clinton DAVIDSON, Raymond E. Hartz and Oil & Gas Ventures, Inc., Third-Party Defendants.

Court of Chancery of Delaware, New Castle.

July 22, 1966.

Attorney(s) appearing for the Case

Louis J. Finger, of Richards, Layton & Finger, of Wilmington, and Arthur B. Kramer, of Feldman, Kramer, Bam, Nessen & Cowett, New York City, for plaintiffs.

Howard M. Handelman, of Bayard, Brill, Russell & Handelman, Wilmington, for defendants Cheyenne Oil Corporation, Forward Enterprises, Inc., Westland Oil Development Corporation, Arthur B. Rothwell, Louis Kung, and Charles F. Chien.

MARVEL, Vice Chancellor:

The background of this accounting action may be found in several reported opinions1 of this Court and of the Supreme Court of Delaware and will not be restated here. In the latest opinion2 handed down in this case, which was filed on June 3, 1966, it was decided by this Court that leave would be granted plaintiffs to dismiss without prejudice...

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