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  5. 709 A.2d 682 (1996)
 

RYAN v. TAD'S ENTERPRISES, INC.

Civil Action Nos. 10229, 11977.

709 A.2d 682 (1996)

Donald RYAN, David Ryan, and Cede & Co., Petitioners, v. TAD'S ENTERPRISES, INC., a Delaware Corporation, Respondent. Donald RYAN and David Ryan, Plaintiffs, v. TAD'S ENTERPRISES, INC., a Delaware Corporation, Don Townsend, Neal Townsend and Bernard Bressler, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: April 24, 1996.

Attorney(s) appearing for the Case

Robert K. Payson and Arthur L. Dent, Potter, Anderson & Corroon, Wilmington; and Sidney Bender and Risa Bender, of Leventritt, Lewittes & Bender, New York City, for Petitioners and Plaintiffs.

Kenneth J. Nachbar, of Morris, Nichols, Arsht & Tunnell, Wilmington, for Respondent and Defendants.

JACOBS, Vice Chancellor.

This Opinion decides the merits of two consolidated lawsuits: a statutory appraisal (Civil Action No. 10229) and an individual action claiming breach of fiduciary duties by the board of directors of Tad's Enterprises, Inc. ("Tad's") (Civil Action No. 11977). On May 4, 1988, Tad's sold its restaurant business to the Riese organization (the "Asset Sale"). On May 5, 1988, the following day, Tad's effected a "cash-out" going-private merger into...

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