CITY CAPITAL ASSOCIATES LTD. v. INTERCO INC.

No. 88-3645.

860 F.2d 60 (1988)

CITY CAPITAL ASSOCIATES LIMITED PARTNERSHIP, Cardinal Holdings Corp. and Cardinal Acquisition Corp. v. INTERCO INCORPORATED, a Delaware Corporation, Harvey Saligman, Richard B. Loynd, R. Stuart Moore, Charles J. Rothschild, Jr., Ronald L. Aylward, Donald E. Lasater, Harry M. Krogh, Lee Lieberman, Mark H. Lieberman, Robert H. Quenon, William E. Cornelius, Marilyn S. Lewis and Thomas H. O'Leary, and Charles M. Oberly, III, Attorney General of the State of Delaware, and Michael E. Harkins, Secretary of State of Delaware. INTERCO INCORPORATED, Counterclaimant and Third Party Plaintiff, v. CARDINAL ACQUISITION CORP., Cardinal Holdings Corp., City Capital Associates Limited Partnership, Counterclaim Defendants, and Steven M. Rales, Mitchell P. Rales, City GP I, Inc., City GP II, Inc., ASM Group, Inc., and Arthur M. Bylin, Third Party Defendants. Appeal of INTERCO INCORPORATED, a Delaware corporation ("Interco"), Counterclaimant and Third Party Plaintiff.

United States Court of Appeals, Third Circuit.

Decided October 20, 1988.

Rehearing and Rehearing and Application for Injunction Denied November 1, 1988.


Attorney(s) appearing for the Case

John Michael Clear, Terrence J. O'Toole, J. Thomas Archer, Bryan, Cave, McPheeters & McRoberts, St. Louis, Mo., Charles F. Richards, Jr., Thomas A. Beck, C. Stephen Bigler, Richards, Layton & Finger, Wilmington, Del., Steven M. Barna, Michael W. Schwartz (argued), Robert A. Ragazzo, Wachtell, Lipton, Rosen & Katz, New York City, for Interco Inc. et al.

Rodman Ward, Jr., Jay B. Kasner, Charles L. Glick, Skadden, Arps, Slate, Meagher & Flom, Wilmington, Del., Robert E. Zimet (argued), Skadden, Arps, Slate, Meagher & Flom, New York City, for counterclaim defendants and third party defendants appellees.

Before GIBBONS, Chief Judge, and STAPLETON, and WEIS, Circuit Judges.


Rehearing and Rehearing In Banc and Application for Injunction Denied November 1, 1988.

OPINION OF THE COURT

STAPLETON, Circuit Judge:

This suit was instituted by City Capital Associates Limited Partnership (City Capital) seeking preliminary and permanent injunctive relief against Interco Incorporated (Interco), and certain Delaware officials to foreclose application of Section 203 of the General Corporation Law of Delaware, Del.Code Ann.Tit. 8,...

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