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BERLIN v. EMERALD PARTNERS

552 A.2d 482 (1988)

Ronald P. BERLIN, David L. Florence, Craig Hall, Rex A. Sebastian, Theodore H. Strauss and May Petroleum, Inc., a corporation of the State of Delaware, Defendants Below, Appellants, v. EMERALD PARTNERS, a New Jersey limited partnership, Plaintiff Below, Appellee.

Supreme Court of Delaware.

Oral Decision: August 15, 1988.

Written Opinion: January 12, 1989.

Attorney(s) appearing for the Case

William Prickett, Wayne N. Elliott, John H. Small, Vernon R. Proctor of Prickett, Jones, Elliott, Kristol & Schnee, Michael D. Goldman, Donald J. Wolfe, Jr., William J. Marsden, Jr. of Potter, Anderson & Corroon, Wilmington, A.B. Conant, Jr. (argued), Ivan Irwin, Jr. of Shank, Irwin, Conant, Lipshy & Casterline, Louis Bickel, Margaret L. Vandervalk, of Akin, Gump, Strauss, Hauer & Feld, Dallas, Tex., and Daniel F. Berry of Simpson & Moran, Birmingham, Mich., on behalf of appellants.

R. Franklin Balotti (argued), and Gregory V. Varallo of Richards, Layton & Finger, Wilmington, Robert J. Schechter of Koether, Harris & Hoffman, New York City, on behalf of appellee.

Before CHRISTIE, C.J., HORSEY, MOORE, HOLLAND, JJ., and BIFFERATO, Judge (sitting by designation pursuant to Del. Const. art. IV., § 12) (constituting the Court ).

HOLLAND, Justice, for the majority.

Emerald Partners ("Emerald"), a New Jersey limited partnership, brought this action in the Court of Chancery on March 1, 1988. The defendants are May Petroleum, Inc. ("May"), a Delaware corporation; its three outside directors, David L. Florence, Rex A. Sebastion, and Theodore H. Strauss; and its two inside directors, Craig Hall and Ronald P. Berlin (collectively, "the May Board"). Emerald...

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