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STRASSBURGER v. EARLEY

C.A. No. 14267.

752 A.2d 557 (2000)

William M. STRASSBURGER, Plaintiff, v. Michael M. EARLEY, Luther A. Henderson, John C. Stiska, N. Russell Walden, and Triton Group, Ltd., a Delaware corporation, Defendants, and Ridgewood Properties, Inc., a Delaware corporation, Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: January 24, 2000.

Revised: January 27, 2000.

Attorney(s) appearing for the Case

Craig B. Smith and Charles E. Butler, of Smith, Katzenstein & Furlow LLP, Wilmington, for Plaintiff.

Stephen E. Jenkins, of Ashby & Geddes, Wilmington; Phillip S. McKinney, of Rogers & Hardin, Atlanta, Georgia, for Defendant Luther Henderson and Nominal Defendant Ridgewood Properties, Inc.

John T. Dorsey, of Richards, Layton & Finger, Wilmington, for Defendant N. Russ Walden.

Michael D. Goldman, James F. Burnett and Matthew E. Fischer, of Potter, Anderson & Corroon LLP, Wilmington, for Defendants Michael M. Earley, John C. Stiska and Triton Group, Inc.

OPINION

JACOBS, Vice Chancellor.

In August, 1994, at a time when it was desperately short of cash, Ridgewood Properties, Inc., a Delaware corporation ("Ridgewood" or "the Company") repurchased 83% of its outstanding common stock from its two largest stockholders — Triton Group, Ltd. ("Triton") and Hesperus Limited Partners ("Hesperus"). To finance those repurchases, Ridgewood had to sell its principal operating assets. At issue in this post...

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