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TANDYCRAFTS, INC. v. INITIO PARTNERS

562 A.2d 1162 (1989)

TANDYCRAFTS, INC., R.E. Cox, III, Roger A. Dickinson, Kenneth L. Gregson, William H. Michero, Joe K. Pace, Robert Schutts, and John A. Wilson, Defendants Below, Appellants, v. INITIO PARTNERS, Plaintiff Below, Appellee.

Supreme Court of Delaware.

Decided: July 3, 1989.

Attorney(s) appearing for the Case

William Prickett (argued), Vernon R. Proctor and Philip B. Obbard, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, and Satterlee Stephens Burke & Burke, New York City of counsel, for appellants.

David A. Drexler (argued), Morris, Nichols, Arsht & Tunnell, Wilmington, and David J. Bershad, Milberg Weiss Bershad Specthrie & Lerach, New York City, of counsel, for appellee.

Before CHRISTIE, C.J., HORSEY and WALSH, JJ.

WALSH, Justice:

This is an appeal from a Court of Chancery decision which awarded counsel fees to a plaintiff shareholder who voluntarily dismissed an individual action against a corporation and its directors after certain corrective action was taken by the corporation during a proxy contest. The Court of Chancery determined that the litigation, although moot, conferred a significant benefit upon all shareholders and granted...

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