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LEVIEN v. SINCLAIR OIL CORPORATION

261 A.2d 911 (1969)

Francis S. LEVIEN, Plaintiff, v. SINCLAIR OIL CORPORATION and Sinclair Venezuelan Oil Company, Defendants.

Court of Chancery of Delaware, New Castle.

December 23, 1969.

Attorney(s) appearing for the Case

Richard F. Corroon and Robert K. Payson, of Potter, Anderson & Corroon, Wilmington, Seligson & Morris, J. Lincoln Morris and Edward S. Cowen, Pollack, Greenspoon & Singer, New York City, of counsel, for plaintiff.

Henry M. Canby, of Richards, Layton & Finger, Wilmington, George G. Gallantz, Richard I. Goldsmith, Michael A. Bamberger, Howard L. Ganz, of Proskauer, Rose, Goetz & Mendelsohn, and Vincent A. Gorman, New York City, of counsel, for defendant Sinclair Oil Corp.

Robert W. Wakefield, of Walker, Miller & Wakefield, Wilmington, Leon H. Tykulsker, of Guggenheimer & Untermeyer, New York City, for defendant Sinclair Venezuelan Oil Co.

DUFFY, Chancellor:

This is a derivative action brought by Francis S. Levien, a stockholder of Sinclair Venezuelan Oil Company, a Delaware corporation ("Venezuelan") against Sinclair Oil Corporation, a New York corporation ("Sinclair"). This is the decision after trial limited to the liability issue.1

I

Sinclair owns about 97% of Venezuelan's issued and outstanding stock. The remainder, totaling some 120,000 shares, is...

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