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KOHLS v. DUTHIE

Civ.A. No. 17762-NC.

791 A.2d 772 (2000)

Robert L. KOHLS and Louise A. Kohls, Plaintiffs, v. Angus M. DUTHIE, Mark D. Lerdal, Gerald R. Alderson and Charles Christenson, Defendants, and Kenetech Corporation, Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: July 26, 2000.

Attorney(s) appearing for the Case

Edward M. McNally and John T. Meli, Jr., Morris, James, Hitchens & Williams LLP, Wilmington, for Plaintiffs.

Charles F. Richards, Jr., Raymond J. DiCamillo and Thad J. Bracegirdle, Richards, Layton & Finger, Wilmington, for Defendants.

OPINION

LAMB, Vice Chancellor.

I. INTRODUCTION

In October 1997, the largest holder of Kenetech Corporation common stock advised Kenetech's President and CEO, Mark D. Lerdal, who was also a director, that it was "shopping" its 12.8 million share block (over 30% of the common outstanding) and meant to sell those shares by year-end. The other directors also learned of these facts and considered purchasing the shares jointly. They and Lerdal also knew...

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