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IN RE SUNSTATES CORP. LITIGATION

C.A. No. 13284.

788 A.2d 530 (2001)

In re SUNSTATES CORPORATION SHAREHOLDER LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: May 2, 2001.

Attorney(s) appearing for the Case

Carmella P. Keener, Esquire, Rosenthal Monhait Gross & Goddess, P.A., Wilmington, Delaware; Robert D. Goldberg, Esquire, Biggs & Battaglia, Wilmington, Delaware; H. Adam Prussin, Esquire, Pomerantz Haudek Block Grossman & Gross LLP, New York, New York, Attorneys for Plaintiffs.

Stephen E. Jenkins, Esquire, Richard D. Heins, Esquire, Ashby & Geddes, Wilmington, Delaware; Attorneys for All Defendants.

Sheldon Karon, Esquire, Larry Selander, Esquire, Thomas Krebs, Esquire, Jeffrey A. Soble, Esquire, Foley & Lardner, Chicago, Illinois; Attorneys for Clyde M. Engle and Howard Friedman.

Gerald M. Tierney, Jr., Esquire, Lincolnwood, Illinois, Attorneys for Defendants Hickory Furniture Company, Telco Capital Corporation, Harold Sampson, Robert J. Spiller, and Lee Mortenson.

OPINION

LAMB, Vice Chancellor.

I.

Count II of the Amended Complaint is brought as a class action on behalf of the owner of shares of Sunstates Corporation $3.75 Preferred Stock. The complaint alleges that, between 1991 and 1993, and in violation of its certificate of incorporation, Sunstates purchased shares of its common and Preferred Stock when it was in arrears on the Preferred Stock dividend.

The defendants have moved for summary...

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