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NEPONSIT INV. CO. v. ABRAMSON

405 A.2d 97 (1979)

NEPONSIT INVESTMENT CO. and the Franklin Corp., Objectors Below, Appellants, v. Miriam J. ABRAMSON, Plaintiff Below, Appellee, Barbara Lynn Stores, Inc., Defendant Below, Appellee, Belscot Retailers, Inc., Defendant Below, Appellee, Atlanta LaSalle Corp., Intervenor Below, Appellee.

Supreme Court of Delaware.

Decided July 10, 1979.

Attorney(s) appearing for the Case

A. Gilchrist Sparks, III, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Melvyn I. Weiss of Milberg, Weiss, Bershad & Specthrie, New York City, of counsel, for appellants.

William Prickett of Prickett, Sanders, Jones, Elliott & Kristol, Wilmington, and Lester Levy of Wolf, Popper, Ross, Wolf & Jones, New York City, of counsel, for appellee Miriam J. Abramson.

Joseph A. Rosenthal of Morris & Rosenthal, Wilmington, and Bernard Fischman of Shea, Gould, Climenko & Casey, New York City, of counsel, for appellee Barbara Lynn Stores, Inc.

Victor F. Battaglia of Biggs & Battaglia, Wilmington, and Martin L. Conrad of Jaffin, Schneider, Conrad & Wertheimer, New York City, of counsel, for appellee Belscot Retailers, Inc.

Daniel F. Wolcott, Jr., of Potter, Anderson & Corroon, Wilmington, for appellee Atlanta LaSalle Corp.

Before HERRMANN, C. J., and QUILLEN and HORSEY, JJ.

QUILLEN, Justice:

This appeal is from an approval of a settlement of a stockholders' derivative suit on behalf of Belscot Retailers, Inc. The objectors-appellants to the settlement, Neponsit Investment Company and Franklin Corporation, are both stockholders of Belscot.

Barbara Lynn Stores, Inc. and Belscot were both engaged in the operation of discount clothing stores and were in direct competition with each other...

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