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KAPLAN v. WYATT

484 A.2d 501 (1984)

Jerome KAPLAN, Plaintiff, v. Oscar S. WYATT, Jr., WJS Shipping Associates, Inc., a Delaware corporation, and the Coastal Corporation, a Delaware corporation, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: November 5, 1984.

Attorney(s) appearing for the Case

Irving Morris, of Morris & Rosenthal, Wilmington, and Melvyn Weiss, of Milberg, Weiss, Bershad, Specthrie & Lerach, New York City, for plaintiff.

Louis J. Finger, of Richards, Layton & Finger, Wilmington, and Michael Lesch, of Shea & Gould, New York City, for defendant Oscar S. Wyatt, Jr.

A. Gilchrist Sparks, of Morris, Nichols, Arsht & Tunnell, Wilmington, for defendant WJS Shipping Associates, Inc.

Roderick R. McKelvie, of Ashby, McKelvie & Geddes, Wilmington, and Robert E. Walls, Houston, Tex., for defendant The Coastal Corp.

Henry N. Herndon, Jr., of Morris, James, Hitchens & Williams, Wilmington, and Brown, Wood, Ivey, Mitchell & Petty, New York, N.Y., for Special Litigation Committee of The Coastal Corp.

BROWN, Chancellor.

On February 4, 1981 Jerome Kaplan, a shareholder of the defendant, The Coastal Corporation (hereafter "Coastal"), filed this derivative action on behalf of Coastal. Named as defendants in addition to the corporation itself are Oscar S. Wyatt, Jr. and WJS Shipping Associates, Inc. (hereafter "WJS"). Both Coastal and WJS are Delaware corporations. The defendant Wyatt is chairman of the board and chief executive officer of Coastal. The primary business...

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