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HARFF v. KERKORIAN

324 A.2d 215 (1974)

Philip HARFF and Stephanie Harff, Plaintiffs, v. Kirk KERKORIAN et al., Defendants.

Court of Chancery of Delaware, New Castle.

July 23, 1974.

Attorney(s) appearing for the Case

Arthur G. Connolly, Jr., Connolly, Bove & Lodge, Wilmington, Kreindler & Kreindler, New York City, for plaintiffs.

Henry N. Herndon, Jr., Eduard F. von Wettberg, III, Morris James, Hitchens & Williams, Wilmington, Terry N. Christensen, Wyman, Bautzer, Rothman & Kuchel, Beverly Hills, Cal., for defendant Metro-Goldwyn-Mayer, Inc.

E. Norman Veasey, Allen M. Terrell, Jr., Richards, Layton & Finger, Wilmington, for appearing individual defendants.

QUILLEN, Chancellor:

This action is a combined derivative and class action challenging a singular corporate act — the declaration and payment of a $1.75 per share dividend by Metro-Goldwyn-Mayer, Inc., in the late fall of 1973.

Plaintiffs are holders of 5% convertible subordinated debentures due 1993 which were issued by Metro-Goldwyn-Mayer, Inc. (MGM), pursuant to an Indenture Agreement between MGM and The...

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