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WARNER COMMUN. v. CHRIS-CRAFT INDUSTRIES

Civil Action No. 10965.

583 A.2d 962 (1989)

WARNER COMMUNICATIONS INC., a Delaware Corporation, Time Warner Inc., a Delaware Corporation (formerly Time Incorporated), and TW Sub Inc., a Delaware Corporation, Plaintiffs-Counterclaim Defendants, v. CHRIS-CRAFT INDUSTRIES, INC., a Delaware Corporation, and BHC, Inc., a Delaware Corporation, Defendants-Counterclaim Plaintiffs.

Court of Chancery of Delaware, New Castle County.

Date Decided: September 7, 1989.

Attorney(s) appearing for the Case

Charles F. Richards, Jr., William J. Wade, Thomas A. Beck, Gregory V. Varallo, Donald A. Bussard, Daniel A. Dreisbach, and Michael J. Feinstein of Richards, Layton & Finger, Wilmington, and Eric M. Roth, and Scott A. Edelman of Wachtell, Lipton, Rosen & Katz, New York City, for plaintiff and counterclaim defendant Warner Communications Inc.

Martin P. Tully, Thomas Reed Hunt, Jr., and Lawrence A. Hamermesh, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Lisa D. Haas and Thomas P. Ogden of Davis Polk & Wardwell, New York City, for plaintiffs and counterclaim defendants Time Warner Inc. and TW Sub Inc.

Charles S. Crompton, Jr., Donald J. Wolfe, Jr., and Arthur L. Dent of Potter Anderson & Corroon, Wilmington, and Peter M. Fishbein, Scott M. Berman, Karen E. Katzman, and Jane W. Parver of Kaye, Scholer, Fierman, Hays & Handler, New York City, for defendants and counterclaim plaintiffs Chris-Craft Industries, Inc. and BHC, Inc.

OPINION

ALLEN, Chancellor.

Pending is a motion for judgment on the pleadings. Plaintiffs seek a determination that the related holders of Warner Communications Inc.'s Series B Variable Rate Cumulative Convertible Preferred stock ("Series B Preferred") are not entitled to a class vote upon a proposed merger among Warner, its controlling shareholder Time Incorporated (now renamed Time Warner Inc.) and TW Sub Inc., a wholly owned subsidiary of Time Warner....

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