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ALLENSON v. MIDWAY AIRLINES CORP.

C.A. No. 15734-NC.

789 A.2d 572 (2001)

Jim ALLENSON; B & W Investment; H. Barry Baker, M.D.; Michael Blonstein; Edward M. Burke; Howard W. Carroll Trust; Ira Carroll; Earl Carroll; Michael Cavanaugh; Chicago Air Partners; Jeff Fine; Sue Gin; Jerome Gold; Michael H. Gold; Robert J. Gold; Frances Goldberg; Gary Greenbaum; Houston Air Partners; Nathan Jacobson; Stuart Kaufman; James Krainson; Mark Kugler; Richard Levine; Melvin Levinson; Michael Levinson; Brian Olds; Donald Rutz; Kenneth Sain; Kenneth Sain, Jr.; Mark Summers; Debra Susskind; TSP Partnership; Wally Weber; and Harvey Weindenfeld; Petitioners, v. MIDWAY AIRLINES CORPORATION, Respondent.

Court of Chancery of Delaware, New Castle County.

Decided: July 6, 2001.

Attorney(s) appearing for the Case

David J. Margules and Joanne P. Pinckney of Bouchard, Margules & Friedlander, Wilmington; and Steven H. Cohen and Robin L. Wolkoff of Patzik, Frank & Samotny, Ltd., Chicago, Illinois, for Petitioners.

Gregory V. Varallo, C. Malcolm Cochran, IV and Dominic T. Gattuso, of Richards, Layton & Finger, P.A., Wilmington, for Respondent.

OPINION

JACOBS, Vice Chancellor.

This is the decision of the Court, after a trial based on stipulated facts, adjudicating the merits of this statutory appraisal proceeding. The parties present a single issue that arises out of the core facts next summarized.

The corporation that is the subject of this appraisal is in dire financial condition. It cannot avoid bankruptcy without a substantial infusion...

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