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ABRAHAM v. EMERSON RADIO CORP.

C.A. No. 1845-N.

901 A.2d 751 (2006)

Jeffrey S. ABRAHAM, As Trustee of the Law Offices of Jeffrey S. Abraham Money Purchase Plan Dated 12/31/99 f/b/o Jeffrey S. Abraham, On Behalf of Himself and a Class of All Others Similarly Situated, and Derivatively on Behalf of Nominal Defendant Sport Supply Group, Inc., Plaintiff, v. EMERSON RADIO CORP., Geoffrey P. Jurick, Arthur J. Coerver, Harvey Rothenberg, Collegiate Pacific, Inc., and Michael J. Blumenfeld, Defendants, and Sport Supply Group, Inc., Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: July 5, 2006.

Attorney(s) appearing for the Case

Carmella P. Keener, Rosenthal, Monhait & Goddess, P.A., Wilmington, DE; Laurence D. Paskowitz, Paskowitz & Associates, New York City, for Plaintiff.

Donald J. Wolfe, Jr., Brian C. Ralston, Kirsten A. Lynch, Potter Anderson & Corroon, L.L.P., Wilmington, DE; Steven M. Hecht, Sally J. Mulligan, Lowenstein Sandler, P.C., Roseland, NJ, for Defendants.

OPINION

STRINE, Vice Chancellor.

In this opinion, I address a claim against a sporting goods company's controlling stockholder that sold its control bloc for a premium to a strategic buyer that also operated in that same market space. According to the conclusory allegations of the complaint, the buyer somehow misused its control of the acquired subsidiary to usurp its assets for the buyer's benefit and to the unfair detriment of the subsidiary's other stockholders...

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