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IN RE SEA-LAND CORP. SHAREHOLDERS LITIGATION

Civ.A. No. 8453.

642 A.2d 792 (1993)

In re SEA-LAND CORPORATION SHAREHOLDERS LITIGATION. George GROVER, Arthur W. Austin, Bernard and Rosalyn Lowe, Trustees U/D/T dated June 21, 1961, for the benefit of Rosalyn Lowe, Hecco Ventures and James J. Cotter, Plaintiffs, v. Harold C. SIMMONS, Joseph F. Abely, Jr., Dwight L. Allison, Jr., Robert W. Dixon, Jr., The Amalgamated Sugar Company, LLC Corporation, CSX Corporation, CSA Acquisition Corporation, and Sea-Land Corporation, Defendants.

Court of Chancery of Delaware, New Castle County.

Date Decided: March 19, 1993.

Date Revised: March 26, 1993.

Attorney(s) appearing for the Case

Robert K. Payson and Arthur L. Dent, of Potter Anderson & Corroon, Wilmington, Joseph A. Rosenthal, of Rosenthal, Monhait & Gross, Gary J. Greenberg, New York City, for plaintiffs.

Steven J. Rothschild and Karen L. Valihura, of Skadden, Arps, Slate, Meagher & Flom, Wilmington, for defendants Sea-Land Corp., Joseph F. Abely, Jr., Dwight L. Allison, Jr., Robert W. Dixon, Allan R. Dragone, John H. Muller, Jr. and Chester W. Nimitz, Jr.

Kevin G. Abrams and Lisa A. Paolini, of Richards, Layton & Finger, Wilmington, Robert B. Mazur, of Wachtell, Lipton, Rosen & Katz; for defendants CSX Corp. and CSA Acquisition Corp.

OPINION

JACOBS, Vice Chancellor.

Presently sub judice are the defendants' motions for summary judgment in this consolidated class action brought by former shareholders of Sea-Land Corporation ("Sea-Land").

I. PROCEDURAL HISTORY

The plaintiffs in this action challenge the terms by which Sea-Land was acquired in 1986 by CSX Corporation ("CSX") through a subsidiary...

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