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HMG/COURTLAND PROPERTIES, INC. v. GRAY

Civ. A. No. 15789.

749 A.2d 94 (1999)

HMG/COURTLAND PROPERTIES, INC., Plaintiff, v. Lee GRAY, individually and as a general partner in Martine Avenue Associates, Norman A. Fieber, individually and as a general partner in NAF Associates, Betsy Gray Saffell, individually and as a general partner in Martine Avenue Associates, NAF Associates, and the Jim Fieber Trust, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: July 12, 1999.

Attorney(s) appearing for the Case

William D. Johnston, James P. Hughes, Jr., of Young Conaway Stargatt & Taylor, Wilmington; Rolin P. Bissell, Aileen Camacho, of Schnader Harrison Segal & Lewis, Philadelphia, PA, for Plaintiff, of counsel.

Francis J. Trzuskowski, of Trzuskowski, Kipp, Kelleher & Pearce, Wilmington; Frank J. Silvestri, Jr., Marcy Tench Stovall, of Zeldes Needle & Cooper, Bridgeport, CT, for Defendant Norman A. Fieber, of counsel.

Edward M. McNally, of Morris, James, Hitchens & Williams, Wilmington; Paul S. Berger, of Fowler, White, Burnett, Hurley, Banick & Strickroot, Miami, FL, for Defendants Lee Gray and Betsy Gray Saffell, of counsel.

OPINION

STRINE, Vice Chancellor.

This case involves thirteen year old real estate sales transactions between HMG/Courtland Properties, Inc. as seller and two of HMG's directors, Lee Gray and Norman Fieber as buyers. While Fieber's self-interest in the transactions was properly disclosed, neither he nor Gray informed their fellow directors that Gray — who took the lead in negotiating the sales for HMG — had a buy-side interest. Gray's interest...

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