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SKOGLUND v. ORMAND INDUSTRIES, INC.

372 A.2d 204 (1976)

H. P. SKOGLUND and Barry Ackerley, Plaintiffs, v. ORMAND INDUSTRIES, INC., Defendant.

Court of Chancery of Delaware, New Castle County.

Decided December 3, 1976.

Attorney(s) appearing for the Case

Bruce M. Stargatt and Edward B. Maxwell, 2nd, of Young, Conaway, Stargatt & Taylor, Wilmington, and William P. Frank, Douglas M. Kraus and Robert E. Zimet, of Skadden, Arps, Slate, Meagher & Flom, New York City, for plaintiffs.

Louis J. Finger and Stephen E. Herrmann, of Richards, Layton & Finger, Wilmington, and Sheldon D. Camhy, of Shea, Gould, Climenko, Kramer & Casey, New York City, for defendant.

BROWN, Vice Chancellor.

At all times pertinent to this action the plaintiff H. P. Skoglund was and is now the record and beneficial owner of 79,600 shares of the common stock of the defendant Ormand Industries, Inc., a Delaware corporation. Likewise, the plaintiff Ackerley was and is now the record and beneficial owner of 11,000 shares of such stock. On August 4, 1976, plaintiffs made a written demand upon the defendant corporation pursuant to

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