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SCHREIBER v. PENNZOIL CO.

419 A.2d 952 (1980)

Leonard I. SCHREIBER, Plaintiff, v. PENNZOIL COMPANY and Pennzoil Offshore Gas Operators, Inc., Defendants.

Court of Chancery of Delaware, New Castle County.

Decided September 5, 1980.

Attorney(s) appearing for the Case

Irving Morris, Joseph A. Rosenthal and Norman M. Monhait, of Morris & Rosenthal, P. A., Wilmington, and Bennett Frankel and Israel Beckhardt, New York City, for plaintiff.

James M. Tunnell, Jr., of Morris, Nichols, Arsht & Tunnell, Wilmington, and Finis E. Cowan and C. Michael Watson, of Baker & Botts, Houston, Tex., for defendant, Pennzoil Co.

Richard J. Abrams and Charles F. Richards, Jr., of Richards, Layton & Finger, Wilmington, for defendant, Pennzoil Offshore Gas Operators, Inc.

DECISION AFTER TRIAL FOR DEFENDANTS

HARTNETT, Vice Chancellor.

This is a stockholder's derivative action in which the plaintiff (Schreiber) on his behalf and on behalf of the other stockholders of Pennzoil Offshore Gas Operators, Inc. (POGO) alleges that Pennzoil Company (Pennzoil) breached a fiduciary duty it owed to POGO or caused a waste of POGO's assets, by charging POGO a $650,000. management fee when POGO invested over 21 million dollars in Pennzoil...

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