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APPLEBAUM v. AVAYA, INC.

No. 375, 2002.

812 A.2d 880 (2002)

Milton APPLEBAUM, Plaintiff Below, Appellant, v. AVAYA, INC., Jeffrey A. Harris, Franklin A. Thomas Henry B. Schacht, Daniel C. Stanzione, Mark Leslie, Donald K. Peterson, and Patricia F. Russo, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: November 20, 2002.

Attorney(s) appearing for the Case

Ronald A. Brown, Jr., Esquire, and Paul A. Fioravanti, Jr. Esquire (argued), of Prickett Jones & Elliott, P.A., Wilmington, Delaware; Of Counsel: Arthur T. Susman, Esquire, of Susman & Watkins, Chicago, Illinois, for Appellants.

Jesse A. Finkelstein, Esquire (argued), Daniel A. Dreisbach, Esquire, Peter B. Ladig, Esquire, Richard P. Rollo, Esquire, Paul D. Brown, Esquire, and Zoe A. Forrester, Esquire, of Richards, Layton, & Finger, Wilmington, Delaware; Of Counsel: Paul J. DiMaio, Esquire, of Avaya, Inc., Basking Ridge, New Jersey, for Appellees.

Before VEASEY, Chief Justice, HOLLAND and STEELE, Justices.

VEASEY, Chief Justice.

In this appeal, we affirm the judgment of the Court of Chancery holding that a corporation could validly initiate a reverse stock split and selectively dispose of the fractional interests held by stockholders who no longer hold whole shares. The Vice Chancellor interpreted Section 155 of the Delaware General Corporation Law to permit the corporation, as part of a reverse/forward stock split, to treat...

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