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CANNON v. DENVER TRAMWAY CORP.

373 A.2d 580 (1977)

George R. CANNON, Plaintiff, v. The DENVER TRAMWAY CORPORATION, Defendant.

Court of Chancery of Delaware, New Castle.

Decided January 5, 1977.

Reargument Denied January 24, 1977.

Attorney(s) appearing for the Case

Blaine T. Phillips of Potter, Anderson & Corroon, Wilmington, for the trustee in dissolution.

Jan S. Black of Prickett, Ward, Burt & Sanders, Wilmington, for certain former first preferred shareholders.

Lewis S. Black, Jr., and Craig B. Smith of Morris, Nichols, Arsht & Tunnell, Wilmington, for First Nat. Bank of Denver as trustee for certain former preferred and first preferred stockholders.

E. Norman Veasey and R. Franklin Balotti of Richards, Layton & Finger, Wilmington, for certain former common shareholders.

MARVEL, Chancellor.

Petitioner, who is trustee in dissolution of the Denver Tramway Corporation, a dissolved corporation, seeks instructions from this Court as to an appropriate distribution of corporate funds over and above amounts required to pay corporate obligations. Denver Tramway was formerly engaged in the business of furnishing public transportation in Denver, Colorado. However, in light of the imminence of condemnation proceedings brought by the City of Denver...

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