Daniel ROSENBLOOM, Trustee of the Panex Industries, Inc. Stockholders' Liquidating Trust, and Norman Halper and Oliver Lazare, co-executors for the Estate of Paul Lazare, former Trustee of the Panex Industries, Inc. Stockholders' Liquidating Trust, Petitioners below-Appellants,
v.
ESSO VIRGIN ISLANDS, INC., Esso Standard Oil Co., Texaco, Inc., Texaco Caribbean Inc., Vernon Morgan, Trustee of Natural Resources of the U.S. Territory of the Virgin Islands, Government of the Virgin Islands, in its capacity as Department of Education and Department of Planning and Natural Resources, the State of New York and Western Auto Supply Co., Claimants below-Appellees, and
Michael DeBaecke, as Trustee for the Successor Panex Industries, Inc. Stockholders' Liquidating Trust, Appellee.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Argued: April 4, 2000.
Resubmitted on Supplemental Briefing: August 29, 2000.
Decided: December 8, 2000.
Attorney(s) appearing for the Case
Grover C. Brown, Esquire (argued), Gordon Fournaris & Mammarella, P.A., Wilmington, Delaware, and Joseph C. Schoell, Esquire, of Morris, James, Hitchens & Williams LLP, Wilmington, Delaware, for Petitioners below-Appellants Daniel Rosenbloom, Trustee of the Panex Industries, Inc. Stockholders' Liquidating Trust, and Norman Halper and Oliver Lazare, co-executors for the Estate of Paul Lazare, former Trustee of the Panex Industries, Inc. Stockholders' Liquidating Trust.
Arthur G. Connolly, Jr., Esquire, of Connolly, Bove, Lodge & Hutz, Wilmington, Delaware; and Robert T. Lehman, Esquire (argued), and Arthur H. Jones, Jr., Esquire, Archer & Greineer, P.C., Haddonfield, New Jersey, for Claimants below-Appellees Esso Virgin Islands, Inc., and Esso Standard Oil Co.
Bruce M. Stargatt, Esquire, and Martin S. Lessner, Esquire (argued), Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware, for Claimants below-Appellees Texaco Inc., Texaco Caribbean Inc., and Vernon Morgan.
Bruce E. Jameson, Esquire, Prickett Jones & Elliott, Wilmington, Delaware, and John K. Dema, Esquire, Law Offices of John K. Dema, P.C., St. Croix, U.S. Virgin Islands, for Claimants below-Appellees Natural Resources Trustee of the Virgin Islands and the Government of the Virgin Islands in its Capacity as Department of Education and Department of Planning and Natural Resources.
Calvin L. Scott, Jr., Esquire, Deputy Attorney General, Department of Justice, Wilmington, Delaware, and Eliot Spitzer, Esquire, Attorney General of the State of New York, Michael S. Belohlavek, Esquire, Assistant Solicitor General, and Eugene Martin-Leff, Esquire, (argued) Assistant Attorney General, New York, New York, for Claimant below-Appellee State of New York.
Stephen E. Jenkins, Esquire, and Regina A. Iorii, Esquire, Ashby and Geddes, Wilmington, Delaware, and John R. Coon, Esquire, and Brita J. Forssberg, Esquire, Wright & Coon, Portland, Maine, attorneys for Claimant below-Appellee, Western Auto Supply Company.
R. Karl Hill, Esquire, (argued) Seitz, Van Ogtrop & Green, P.A., Wilmington, Delaware, for Appellee Successor Panex Industries, Inc. Stockholders' Liquidating Trust and Michael D. DeBaecke as Successor Trustee.
Before VEASEY, Chief Justice, WALSH, HOLLAND, BERGER, Justices, and DEL PESCO, Judge (constituting the Court en Banc).
Supreme Court of Delaware.
DEL PESCO, Judge:
In this appeal from the Court of Chancery we address two issues. The first is whether the Court of Chancery acted within its authority in establishing a successor trust to succeed a liquidating trust which was about to expire on its own terms. The liquidating trust was established to administer the assets of a corporation dissolved in 1985 against which a variety of environmental claims — not asserted...
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