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LACOS LAND CO. v. ARDEN GROUP, INC.

Civ. A. No. 8519.

517 A.2d 271 (1986)

LACOS LAND COMPANY, Plaintiff, v. ARDEN GROUP, INC., a Delaware corporation, Bernard Briskin, Philip L. Caret, Anson I. Dreisen, Thomas L. Karsten, Stuart A. Krieger, Chester I. Lappen, Daniel Lembark, Curtis H. Palmer, Frederick A. Schnell, and Ben Winters, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: July 31, 1986.

Attorney(s) appearing for the Case

Michael Hanrahan, William Prickett, James L. Holzman and Norman L. Pernick of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, for plaintiff.

A. Gilchrist Sparks, III, Kenneth J. Nachbar, and Michael Houghton of Morris, Nichols, Arsht & Tunnell, Wilmington, for defendants.

ALLEN, Chancellor

This action constitutes a multi-pronged attack upon a proposed recapitalization of defendant Arden Group, Inc., authorized by a vote of Arden's shareholders at their June 10, 1986 annual meeting. The recapitalization, if effectuated, will create a new Class B Common Stock possessing ten votes per share and entitled, as a class, to elect seventy-five percent of the members of Arden's board of directors. This new stock is, pursuant to the terms of...

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