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EMERALD PARTNERS v. BERLIN

Civ. A. No. 9700.

564 A.2d 670 (1989)

EMERALD PARTNERS, a New Jersey limited partnership, Plaintiff, v. 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.

Court of Chancery of Delaware, New Castle County.

Decided: June 30, 1989.

Attorney(s) appearing for the Case

Gregory V. Varallo, Richards, Layton & Finger, Wilmington (Robert J. Schechter, Koether Harris & Hoffman, of counsel), New York City, for plaintiff.

Vernon R. Proctor, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, for defendants May Petroleum, Inc., David L. Florence, Rex A. Sebastian and Theodore H. Strauss.

Donald J. Wolfe, Jr., and William J. Marsden, Jr., Potter Anderson & Corroon, Wilmington, for defendants Craig Hall and Ronald P. Berlin.

HARTNETT, Vice-Chancellor.

Defendants moved to disqualify the plaintiff, Emerald Partners, a New Jersey limited partnership, ("Emerald") from serving as the class plaintiff in this purported stockholder derivative and class action on the grounds that a fatal conflict of interest exists between Emerald and the class which consists of the other minority shareholders of defendant May Petroleum, Inc. ("May"). The defendants further seek the disqualification of Emerald...

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