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STERNBERG v. O'NEIL

532 A.2d 993 (1987)

Richard STERNBERG, Plaintiff, v. Thomas F. O'NEIL, Michael G. O'Neil, John O'Neil, Shane O'Neil, William M. Regan, Frank Shakespeare, Hubert J. DeLynn, John B. Poor, Sr., John B. Fitzgerald, Kenneth R. Frankl, David S. Henkel, Richard W. Jencks, James J. Kerley, Alfred J. Moccia, James T. Morley, A. William Reynolds, William F. Spitznagel, Richard B. Tullis, William B. Walsh, Lester Garvin, Warren J. Hayford, D. Bruce Mansfield, T.E. Pittenger, John J. Dalton, Defendants, and Gencorp Inc. and RKO General, Inc., Nominal Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: August 14, 1987.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, of Morris and Rosenthal, P.A., Wilmington, Stuart H. Savett, and Victor P. Barall, of Kohn, Savett, Klein & Graf, P.C., Philadelphia, Pa., and Steven R. Rivkin, Washington, D.C., for plaintiff.

R. Franklin Balotti, and C. Stephen Bigler, of Richards, Layton & Finger, Wilmington, Marvin Schwartz, Garrard R. Beeney, and George R. Kramer, of Sullivan & Cromwell, New York City, for individual defendants.

Peter M. Sieglaff, Robert K. Payson, and James F. Burnett, of Potter Anderson & Corroon, Wilmington, for Gencorp Inc. and RKO General, Inc.

OPINION

BERGER, Vice Chancellor.

Plaintiff brought this double derivative suit against Gencorp Inc. ("Gencorp"), its wholely-owned subsidiary, RKO General, Inc. ("RKO General") and various past and present officers and directors of both corporations. The complaint alleges, among other things, that the individual defendants failed to administer the affairs of Gencorp and RKO General in a fair and careful manner and that they have been wasting the assets of...

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