SHAMROCK HOLDINGS, INC., Indiana Partners, L.P., Oregon Partners, Shamrock Capital, L.P. and Shamrock Holdings of California, Inc., Plaintiffs,
v.
POLAROID CORPORATION, I. MacAllister Booth, Yen-Tsai Feng, Richard D. Hill, Frank S. Jones, Carl Kaysen, William J. McCune, Jr., Henry Necarsulmer, Kenneth H. Olson, Julius Silver, Charles P. Slichter, Ralph Z. Sorenson, A. Michael Spence and Alfred M. Zeien, Defendants.
In re POLAROID SHAREHOLDERS LITIGATION.
SHAMROCK HOLDINGS, INC., Shamrock Holdings of California, Inc., Emerald Isle Associates, L.P., Shamrock Capital Investors III, Inc. and Shamrock Acquisition, III, Inc., Plaintiffs,
v.
POLAROID CORPORATION, I. MacAllister Booth, Yen-Tsai Feng, Richard D. Hill, Frank S. Jones, Carl Kaysen, William J. McCune, Jr., Henry Necarsulmer, Kenneth H. Olson, Charles P. Slichter, Ralph Z. Sorenson, A. Michael Spence, Alfred M. Zeien, and Corporate Partners, L.P., Defendants.
George S. KOLBE, As Trustee of George Kolbe Target Benefit Plan, Harold Sachs, Lenore Schlossberg, Natalie Trager and Edward McDaid, Plaintiffs,
v.
POLAROID CORPORATION, I. MacAllister Booth, Yen-Tsai Feng, Richard D. Hill, Frank S. Jones, Carl Kaysen, William J. McCune, Jr., Henry Necarsulmer, Kenneth H. Olson, Julius Silver, Charles P. Slichter, Ralph Z. Sorenson, A. Michael Spence, and Alfred M. Zeien, Defendants.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: March 13, 1989.
Decided: March 17, 1989.
Attorney(s) appearing for the Case
A. Gilchrist Sparks, Lawrence A. Hamermesh, Kenneth J. Nachbar, Robert J. Valihura, Jr., and Alan J. Stone of Morris, Nichols, Arsht & Tunnell, Wilmington, and Michael H. Rauch, Debra M. Torres, Pamela Jarvis, William C. Viets, John C. Sullivan, and Douglas H. Flaum of Fried, Frank, Harris, Shriver & Jacobson, New York City, for plaintiffs Shamrock Holdings, Inc., Indiana Partners, L.P., Oregon Partners, Shamrock Capital, L.P., Shamrock Holdings of California, Inc., Emerald Isle Associates, L.P., Shamrock Capital Investors III, Inc. and Shamrock Acquisition, III, Inc.
Joseph A. Rosenthal, and Kevin Gross of Morris, Rosenthal, Monhait & Gross, P.A., Wilmington, Jill S. Abrams of Abby & Ellis, Michael P. Fuchs of Wolf Popper Ross Wolf & Jones, New York City, Ronald Litowitz of Bernstein Litowitz Berger & Grossman, New York City, and Curtis V. Trinko, New York City, for Shareholder Litigation plaintiffs and George S. Kolbe, Harold Sachs, Lenore Schlossberg, Natalie Trager and Edward McDaid.
R. Franklin Balotti, Jesse A. Finkelstein, Gregory V. Varallo, C. Stephen Bigler, James C. Strum, Anne C. Foster, and Daniel A. Dreisbach of Richards, Layton & Finger, Wilmington, Frederick A.O. Schwarz, Jr., Robert N. Feltoon, Douglas D. Broadwater, Stuart W. Gold, Rosemary Q. Barry, and Timothy C. Harrison of Cravath, Swaine & Moore, New York City, and Stephen D. Poss of Goodwin, Procter & Hoar, Boston, Mass., for Polaroid Corp. and individual defendants.
Edward B. Maxwell, II, and David C. McBride of Young, Conaway, Stargatt & Taylor, Wilmington, and Herbert M. Wachtell, Kenneth B. Forrest, Andrew Houston, and Ralph Levene of Wachtell, Lipton, Rosen & Katz, New York City for Corporate Partners, L.P.
Court of Chancery of Delaware, New Castle County.
OPINION
BERGER, Vice-Chancellor
Shamrock Holdings, Inc. and related entities (collectively "Shamrock") have been attempting to acquire Polaroid Corporation ("Polaroid") for the past nine months. The litigation precipitated by this takeover effort began in July, 1988 when Shamrock and Polaroid stockholders filed actions attacking the validity of an employee stock ownership plan ("ESOP") adopted by Polaroid on July 12, 1988. In those cases (collectively "Polaroid...
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