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BOYER v. WILMINGTON MATERIALS, INC.

C.A. No. 12549.

754 A.2d 881 (1999)

R. Arnold BOYER, Plaintiff, v. WILMINGTON MATERIALS, INC., a Delaware Corporation, Joseph J. Corrado, Frank L. Corrado, Kenneth A. Kershaw, Verino Pettinaro, Leonard I. Iacono, and Delaware Aggregates, Inc., a Delaware Corporation, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: January 20, 1999.

Attorney(s) appearing for the Case

Wayne N. Elliott, April Caso Ishak, Sheela P. Dattani, Prickett, Jones, Elliott, Kristol & Schnee, Wilmington, Delaware, for plaintiff R. Arnold Boyer.

James S. Green, Daniel B. Rath, Duane, Morris & Heckscher, LLP, Wilmington, Delaware, for defendants Frank L. Corrado, Joseph J. Corrado, Kenneth A. Kershaw and Delaware Aggregates, Inc.

Jeffrey S. Goddess, Rosenthal, Monhait, Gross & Goddess, Wilmington, Delaware, for defendants Verino Pettinaro and Leonard I. Iocano.

Brett D. Fallon, Smith, Katzenstein & Furlow, Wilmington, Delaware, for defendant Wilmington Materials, Inc.

OPINION

LAMB, Vice Chancellor.

I. INTRODUCTION

This action arises out of the sale of substantially all of the assets of defendant Wilmington Materials, Inc. ("WMI") to Delaware Aggregates, Inc. ("DAI"), approved by the board of directors of WMI, by a vote of 5 to 3, on January 14, 1992 (the "Asset Sale" or the "January 14, 1992 transaction"). At the time of the Asset Sale, DAI was owned by three of the five WMI directors voting to approve the transaction...

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