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DIAMOND STATE TELEPHONE CO. v. PUBLIC SERV. COM'N

367 A.2d 644 (1976)

The DIAMOND STATE TELEPHONE COMPANY, Appellant below, Appellant, v. PUBLIC SERVICE COMMISSION, Appellee below, Appellee.

Supreme Court of Delaware.

Decided October 29, 1976.

Rehearing Denied November 15, 1976.

Attorney(s) appearing for the Case

James M. Tunnell, Jr., Richard L. Sutton, and Martin P. Tully of Morris, Nichols, Arsht & Tunnell, Wilmington, for appellant.

William D. Bailey, Jr. and David C. McBride, Wilmington, for appellee.

Before MARVEL, Chancellor, CHRISTIE, Judge, and BROWN, Vice Chancellor.

Diamond State Telephone Company appeals from an order of the Superior Court affirming the order of a majority of the Public Service Commission which had disapproved appellant's application for leave to issue to its parent corporation, American Telephone & Telegraph Company, 400,000 shares of its common stock for a total consideration of $10,000,000, the latter sum being the amount estimated to be needed by appellant at the time...

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