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IN RE MAXXAM, INC.

Civ. A. Nos. 12111, 12353.

659 A.2d 760 (1995)

In re MAXXAM, INC./Federated Development Shareholders Litigation. NL INDUSTRIES, INC., et al., Plaintiffs, v. MAXXAM, INC., a Delaware corporation, MCO Properties, Inc., a Delaware corporation, Federated Development Co., a New York business trust, Charles E. Hurwitz., Barry Munitz, Ezra G. Levin, John M. Seidl, William C. Leone, and Stanley D. Rosenberg, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: February 10, 1995.

Revised: February 13, 1995.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, of Rosenthal, Monhait, Gross & Goddess, Wilmington, Silverman, Harnes, Obstfeld & Harnes, and Lowey, Dannenberg, Bemporad & Sellinger, New York City, for Shareholder plaintiffs.

A. Gilchrist Sparks, III, of Morris, Nichols, Arsht & Tunnell, David C. McBride, of Young, Conaway, Stargatt & Taylor, and Lawrence C. Ashby, Stephen E. Jenkins, Richard D. Heins, and John S. Grimm, of Ashby & Geddes, Wilmington, for defendants.

Henry N. Herndon, Jr. and Bruce C. Doeg, of Morris, James, Hitchens & Williams, Wilmington, and Donald E. Scott and Lester C. Houtz of Bartlit, Beck, Herman, Palenchar & Scott, Denver, CO, for NL Industries, Inc. et al., objector plaintiffs.

OPINION

JACOBS, Vice Chancellor.

Pending is a motion to approve a proposed settlement of these shareholder derivative actions brought on behalf of MAXXAM, Inc. ("MAXXAM"), and its subsidiary, MCO Properties, Inc. ("MCOP"), both Delaware corporations. Named as defendants are MAXXAM, MCOP, certain MAXXAM directors,1 and MAXXAM's controlling stockholder, Federated Development Company ("Federated").

The claims being...

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