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ISTITUTO BANCARIO ITALIANO v. HUNTER ENG. CO.

No. 93, 1981.

449 A.2d 210 (1982)

ISTITUTO BANCARIO ITALIANO SpA, Plaintiff Below, Appellant, v. HUNTER ENGINEERING COMPANY, INC., Efday B.V., Hans Niederer, Tools Machine-Engereedschappenhandel B.V., Piero Bugnone, and Aldo Bugnone, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided July 20, 1982.

Attorney(s) appearing for the Case

Lewis S. Black, Jr. and Richard D. Allen of Morris, Nichols, Arsht & Tunnell, Wilmington, and Martin E. Lowy (argued) and John M. Townsend of Hughes, Hubbard & Reed, New York City, for appellant.

Charles S. Crompton, Jr. (argued) and Donald J. Wolfe, Jr. of Potter, Anderson & Corroon, Wilmington, and John W. Castles 3d and Laurie E. Foster of Lord, Day & Lord, New York City, for appellees Hans Niederer and Tools Machine-En-Gereedschappenhandel B.V.

Charles F. Richards, Jr. (argued) and William J. Wade of Richards, Layton & Finger, Wilmington, for appellee Hunter Engineering Co., Inc.

Eduard F. vonWettberg, III of Morris, James, Hitchens & Williams, Wilmington, for appellee Efday, B.V.

Before McNEILLY, QUILLEN and HORSEY, JJ.

QUILLEN, Justice:

This action was filed by Istituto Bancario Italiano SpA (IBI) in the Court of Chancery seeking to have cancelled 190,000 shares of the 200,000 shares of Hunter Engineering Company, Inc. (Hunter), which had been issued to Hunter's parent, Efday B.V. (Efday), as a stock dividend, and then sold to Tools Machine-En-Gereedschappenhandel B.V. (Tools), the present owner of the shares. IBI, the pledgee from Efday...

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