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WOLFENSOHN v. MADISON FUND, INC.

253 A.2d 72 (1969)

Samuel C. WOLFENSOHN and Esther Buchman, in their own behalf and in behalf of all other holders of Certificates Constituting a Charge on Income, and all other holders of 5½ percent Subordinated Income Debentures, due January 1, 2033, of the Missouri-Kansas-Texas Railroad similarly situated, Plaintiffs Below, Appellants, v. MADISON FUND, INC., Axe-Houghton Fund A, Inc., Axe-Houghton Fund B, Inc., Axe-Houghton Stock Fund, Inc., Axe Science Corp., Bangor Punta Operations, Inc., Missouri-Kansas-Texas Railroad Company and Katy Industries, Inc., Defendants Below, Appellees.

Supreme Court of Delaware.

April 8, 1969.

Attorney(s) appearing for the Case

H. Albert Young and H. James Conaway, Jr., of Young, Conaway, Stargatt & Taylor, Wilmington, and Irwin M. Taylor and Shephard S. Miller, New York City, for appellants.

Louis J. Finger of Richards, Layton & Finger, Wilmington, for appellee, Bangor Punta Operations, Inc.

S. Samuel Arsht and David A. Drexler of Morris, Nichols, Arsht & Tunnell, Wilmington, and Ballard, Spahr, Andrews & Ingersoll, Philadelphia, Pa., for appellees, Madison Fund, Inc., Missouri K. and T. R. Co. and Katy Industries, Inc.

WOLCOTT, C. J., and CAREY and HERRMANN, JJ., sitting.

WOLCOTT, Chief Justice.

This is an appeal from the dismissal of a class action by the Court of Chancery. The action sought to void the acquisition by Katy Industries, Inc. (Industries) of 97% of the common stock of Missouri-Kansas-Texas Railroad Company (Railroad), or, in the alternative, to have the court declare that Industries had assumed the obligations of Railroad to the holders of its Certificates Constituting a Charge...

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