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KAISER ALUM. CORP. v. MATHESON

No. 168, 1996.

681 A.2d 392 (1996)

KAISER ALUMINUM CORPORATION, Maxxam, Inc., George T. Haymaker, Jr., Robert M. Cruikshank, Charles E. Hurwitz, Ezra G. Levin, Robert Marcus, and Robert J. Petris, Defendants Below, Appellants, v. Donald MATHESON and Marilyn T. Page, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

Decided: August 29, 1996.

Attorney(s) appearing for the Case

Robert K. Payson (argued), Donald J. Wolfe, Jr., Arthur L. Dent and Kevin R. Shannon, of Potter, Anderson & Corroon, Wilmington, for Appellants Kaiser Aluminum Corporation, Robert Marcus, Robert J. Petris, Robert M. Cruikshank and George T. Haymaker; Norman J. Blears and Joy Cartun of Heller Ehrman White & McAuliffe, Palo Alto, of counsel for Appellants Robert Marcus and Robert J. Petris.

Martin P. Tully, Frederick Alexander and William M. Lafferty, of Morris, Nichols, Arsht & Tunnell, Wilmington, for Appellants MAXXAM, Inc., Charles E. Hurwitz and Ezra G. Levin.

William Prickett and Ronald A. Brown, Jr. (argued), of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Arthur T. Susman, of Buehler & Watkins, Chicago, of counsel for Appellees Donald Matheson and Marilyn T. Page.

Before VEASEY, C.J., HARTNETT and BERGER, JJ.

VEASEY, Chief Justice:

In this interlocutory appeal, we affirm a preliminary injunction order of the Court of Chancery enjoining the effectuation of a corporate recapitalization on the ground that the existing conversion rights of preferred stockholders cannot be adjusted as set forth in the proposed recapitalization without the consent of the preferred holders. Specifically, we hold that the existing conversion rights of the preferred stockholders, as ambiguously...

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