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KLM ROYAL DUTCH AIRLINES v. CHECCHI

Civ. A. No. 14764.

698 A.2d 380 (1997)

KLM ROYAL DUTCH AIRLINES, Plaintiff, v. Alfred A. CHECCHI, Gary L. Wilson, Frederick V. Malek, Richard C. Blum, Thomas L. Kempner, John H. Dasburg, George J. Vojta, Duane E. Woerth, Thomas Ducy, Marvin L. Griswold, V.A. Ravindran, and Northwest Airlines Corporation, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: January 14, 1997.

Attorney(s) appearing for the Case

Michael D. Goldman, James F. Burnett and Stephen C. Norman, of Potter Anderson & Corroon, Wilmington (Frederick A.O. Schwarz, Jr. and David A. Stoll, of Cravath, Swaine & Moore, New York City, of counsel), for Plaintiff.

R. Franklin Balotti, Anne C. Foster, Raymond J. DiCamillo and Luke E. Dembosky, of Richards, Layton & Finger, Wilmington (Melvyn L. Cantor, David J. Woll and Andre K. Cizmarik, of Simpson Thacher & Bartlett, New York City, of counsel), for Defendants.

OPINION

STEELE, Vice Chancellor.

I. Issue Presented

An existing agreement grants a current stockholder an option to purchase additional shares of the corporation during a 30-day window in August 1998. The corporation later enacts a shareholder rights plan (or poison pill) that, based upon the stockholder's current percentage holdings, will be triggered if the option is exercised. Is the stockholder's action to obtain a declaratory judgment...

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