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GRYNBERG v. BURKE

378 A.2d 139 (1977)

Jack J. GRYNBERG, Celeste C. Grynberg, Celeste C. Grynberg as sole trustee for Rachel Grynberg, Stephen Grynberg and Miriam Grynberg, Celeste C. Grynberg and Dean Smernoff as co-trustees for Rachel Grynberg, Stephen Grynberg and Miriam Grynberg and Oceanic Holding Company, a Colorado Corporation, Plaintiffs, v. Gene E. BURKE, Marc Waucquez, William E. Foster, Wesley N. Farmer, Melvin M. Fenichell, Thomas J. Vogenthaler, Norman J. Singer and Oceanic Exploration Company, a Delaware Corporation, Defendants.

Court of Chancery of Delaware, New Castle.

Decided August 25, 1977.

Attorney(s) appearing for the Case

David A. Drexler of Morris, Nichols, Arsht & Tunnell, Wilmington, for plaintiffs.

Edward B. Maxwell, II, of Young, Conaway, Stargatt & Taylor, Wilmington, Steven M. Umin and Aubrey M. Daniel, III, of Williams & Connolly, Washington, D.C., for defendant Oceanic Exploration Co.

BROWN, Vice Chancellor.

Both the plaintiffs and the defendant corporation in this case have moved for summary judgment. Plaintiffs, individually and as trustees, are the owners of 76 per cent of the outstanding stock of the defendant Oceanic Exploration Company ("Oceanic"). In February 1977 plaintiffs entered into a written agreement whereby 51 per cent of their stock was placed into a voting trust which gave their voting rights in the stock to others. On June 2,...

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