HANA RANCH v. LENT


424 A.2d 28 (1980)

HANA RANCH, INC., a Delaware Corporation, Plaintiff, v. J. Gordon LENT, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided December 19, 1980.


Attorney(s) appearing for the Case

Edmund N. Carpenter, II and Wendell Fenton of Richards, Layton & Finger, Wilmington, for plaintiff.

Rodman Ward, Jr. of Skadden, Arps, Slate, Meagher & Flom, Wilmington, for defendant.


MARVEL, Chancellor:

This action seeks Court approval of a plan designed to amend the provisions of the corporate charter of Hana Ranch, Inc. having to do with the rights of holders of shares of preferred stock of such corporation by adding thereto a right to convert such shares of stock into common shares of the corporation at a fixed ratio. Such plan has already received the apparent approval of 88.737% of the outstanding shares of common stock. The defendant is...

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