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INSITUFORM OF NORTH AMERICA v. CHANDLER

Civ. A. No. 9205.

534 A.2d 257 (1987)

INSITUFORM OF NORTH AMERICA, INC., a Delaware corporation, and Robert M. Leopold, Plaintiffs, v. Brian CHANDLER, James D. Krugman, Silas Spengler and Robert S. Carlson, Defendants, Counterclaim Plaintiffs, and I.P. Phillips and D.J. Buchler, as Receivers, Intervenors, v. Robert M. LEOPOLD, Jack Massar, Hershel Krasnow and Paul A. Church, Counterclaim Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: October 20, 1987.

Attorney(s) appearing for the Case

William Prickett, Michael J. Hanrahan, Joseph Grey of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, and Daniel S. Greenfield of Parker, Chapin, Flattau & Klimpl, New York City, of counsel, for plaintiffs and counterclaim defendants, except for Paul A. Church.

R. Franklin Balotti, Jesse A. Finkelstein, Gregory V. Varallo, Joseph Bodnar of Richards, Layton & Finger, Wilmington, and Thomas J. Goodwin, of Krugman, Chapnick & Grimshaw, New Jersey, of counsel, for defendants and counterclaim plaintiffs.

Lawrence A. Hamermesh of Morris, Nichols, Arsht & Tunnell, Wilmington, for intervenors.

ALLEN, Chancellor.

Pending are cross motions for summary judgment in this action brought under Section 225 of our corporation law to determine who comprises the validly constituted board of directors of Insituform of North America, Inc., a Delaware corporation. That question, in turn, rests upon a determination of the validity of action purportedly taken under the authority of Section 228 of that statute removing certain directors and designating their successors...

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