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IN RE BICOASTAL CORP.

600 A.2d 343 (1991)

In re BICOASTAL CORPORATION, a Delaware corporation.

Supreme Court of Delaware.

Decided: March 26, 1991.

Opinion Issued: November 20, 1991.

Attorney(s) appearing for the Case

Grover C. Brown and Edward M. McNally (argued), Morris, James, Hitchens & Williams, Wilmington, for intervenor below-appellant John E. Roth.

Craig B. Smith (argued), Vicki A. Hagel, Lassen, Smith, Katzenstein & Furlow, Wilmington, for intervenors below-appellants David Tallant and Harry Steffen.

Robert K. Payson, James F. Burnett, Michael B. Tumas, Arthur L. Dent, Potter, Anderson & Corroon, Wilmington, for defendant below-appellant Bicoastal Corp.

Charles F. Richards, Jr., R. Franklin Balotti (argued), Nathan B. Ploener, David L. Finger, Matthew J. Ferretti, Richards, Layton & Finger, Wilmington (Baker & Botts, Houston, Tex., of counsel), for plaintiff below-appellee Mesa Holding.

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

CHRISTIE, Chief Justice:

In this case the Court is called upon to decide whether the exercise of a secured creditor's right to elect a majority of the board of directors of its debtor was a valid corporate act under the circumstances here present. The creditor's election right was created as part of a complex scheme to protect its substantial investment in the debtor, and it was agreed that it would be triggered upon the...

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