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THORPE BY CASTLEMAN v. CERBCO, INC.

No. 345, 1995.

676 A.2d 436 (1996)

Merle THORPE, Jr., by the Executor of his estate, Peter M. CASTLEMAN, and Foundation for Middle East Peace, a District of Columbia Corporation, Plaintiffs Below, Appellants, v. CERBCO, INC., Robert W. Erikson and George Wm. Erikson, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: April 10, 1996.

Rehearing Denied May 10, 1996.

Attorney(s) appearing for the Case

Lawrence C. Ashby (argued), Stephen E. Jenkins and Richard D. Heins, Ashby & Geddes, Wilmington, and Joseph M. Hassett, George H. Mernick, III and Albert W. Turnbull, Hogan & Hartson, L.L.P., of counsel, Washington, DC, for Appellants.

Vernon R. Proctor, Bayard, Handelman & Murdoch, Wilmington, for Appellee CERBCO, Inc.

Michael Hanrahan (argued), Elizabeth M. McGeever and April Caso Ishak, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, for Appellees Robert W. Erikson and George Wm. Erikson.

Before WALSH, HARTNETT, and BERGER, JJ.

WALSH, Justice:

In this appeal from the Court of Chancery we address the duties owed to a corporation by controlling shareholders who are also directors. The shareholder-plaintiff in this derivative suit, Merle Thorpe1 ("Thorpe") alleged that the controlling shareholders of CERBCO, Inc. had usurped an opportunity which belonged to the corporation. That opportunity was the potential sale of control of one of CERBCO's subsidiaries. The Chancellor...

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