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PETTY v. PENNTECH PAPERS, INC.

347 A.2d 140 (1975)

George S. PETTY, Plaintiff, v. PENNTECH PAPERS, INC., a Delaware Corporation, et al., Defendants.

Court of Chancery of Delaware, New Castle County.

Submitted July 25, 1975.

Attorney(s) appearing for the Case

Richard F. Corroon, Potter, Anderson & Corroon, Wilmington, for plaintiff.

Louis J. Finger, Richards, Layton & Finger, Wilmington, for defendants.

BROWN, Vice Chancellor.

Plaintiff is the owner of 11,500 shares of the common stock of the defendant Penntech Papers, Inc., a Delaware corporation ("Penntech"). Individually and derivatively, he seeks a temporary restraining order to prevent the redemption by the corporation on July 31, 1975 of 19,000 shares of Series A Preferred stock. Ultimately, he seeks a permanent injunction against the present plan to redeem these preferred shares. I deal here with the temporary...

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