EVERETT v. TRANSNATION DEVELOPMENT CORPORATION


267 A.2d 627 (1970)

Marjorie L. EVERETT, Plaintiff, v. TRANSNATION DEVELOPMENT CORPORATION, a corporation of the State of Delaware, Defendant.

Court of Chancery of Delaware, New Castle.

May 21, 1970.


Attorney(s) appearing for the Case

James M. Tunnell, Jr., of Morris, Nichols, Arsht & Tunnell, Wilmington, for plaintiff.

Joseph A. Rosenthal, of Cohen, Morris & Rosenthal, Wilmington, for defendant.


MARVEL, Vice Chancellor:

Mrs. Everett, the plaintiff herein, was elected to the office of director of Transnation Development Corporation following its incorporation in Delaware on June 13, 1969 and served until her removal as such officer on April 10, 1970. She is also the beneficial owner of 16,100 shares of Transnation's common stock. For years prior to the formation of Transnation she had served as a director of Chicago Thoroughbred Enterprises, Inc., now an almost...

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