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IN RE MAXXAM, INC./FED. DEV. SHAREHOLDERS

Civil Action Nos. 12111, 12353.

698 A.2d 949 (1996)

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: September 10, 1996.

Attorney(s) appearing for the Case

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

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

A. Gilchrist Sparks, III, R. Judson Scaggs, Jr. and David J. Teklits, of Morris, Nichols, Arsht & Tunnell, Wilmington, David C. McBride, of Young, Conaway, Stargatt & Taylor, Wilmington, Lawrence C. Ashby, Richard D. Heins and John S. Grimm, Ashby & Geddes, Wilmington, for Defendants.

OPINION

JACOBS, Vice Chancellor.

Pending are two related post-trial motions in this consolidated shareholder derivative action brought on behalf of MAXXAM, Inc. ("MAXXAM") and its wholly owned subsidiary, MCO Properties, Inc. ("MCOP"). The defendants are certain directors of MAXXAM, and Federated Development Co., ("Federated"), which is MAXXAM's controlling stockholder.

The plaintiffs' claims arise...

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