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FIKE v. RUGER

C.A. No. 16791.

754 A.2d 254 (1999)

Vivian H. FIKE and Robert Wilson, Plaintiffs, v. Thomas L. RUGER, Eris Marie Scott, as Administratrix of the Estate of Virgil Scott, Jr., Descomp, Inc., Data Controls North, Inc., and Del-Chapel Associates, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: November 19, 1999.

Attorney(s) appearing for the Case

Jeffrey S. Goddess, of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware, for Plaintiffs.

Jeoffrey L. Burtch, Gregory J. Weinig, of Cooch and Taylor, Wilmington, Delaware, for Defendants.

OPINION

LAMB, Vice Chancellor.

I. INTRODUCTION

This action concerns a joint venture formed in 1979 to purchase, hold and develop certain commercial real property. A written joint venture agreement was executed in 1981. In 1998, after years of losses, the joint venture agreed to sell the property. Seeking to participate in the distribution of sale proceeds, two minority members of the joint venture filed this complaint against their co-venturers...

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