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LOEB v. SCHENLEY INDUSTRIES, INC.

285 A.2d 829 (1971)

John L. LOEB et al., trading as Loeb, Rhoades & Co., Petitioners, v. SCHENLEY INDUSTRIES, INC., Defendant.

Court of Chancery of Delaware, New Castle.

December 10, 1971.

Attorney(s) appearing for the Case

Irving Morris, of Cohen, Morris & Rosenthal, Wilmington, and Julius Levy and Daniel W. Krasner, of Pomerantz, Levy, Haudek & Block, New York City, for petitioners.

S. Samuel Arsht and William O. LaMotte, III, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Fried, Frank, Harris, Shriver & Jacobson, New York City, for defendant.

MARVEL, Vice Chancellor:

Petitioners seek an appraisal of the value of their shares of common and convertible preferred stock issued by the defendant Schenley Industries, Inc., such shares having been eliminated as the result of a recent merger involving such corporation. Petitioners having moved for the entry of a partial summary judgment fixing a minimum value for their shares, a value which they claim is uncontroverted on the present record, defendant has moved...

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