KERBS v. CALIFORNIA EASTERN AIRWAYS


94 A.2d 217 (1953)

KERBS et al. v. CALIFORNIA EASTERN AIRWAYS, Inc.

Court of Chancery of Delaware, New Castle.

January 20, 1953.


Attorney(s) appearing for the Case

Arthur G. Logan, of Logan, Marvel & Boggs, Wilmington, for plaintiffs.

David F. Anderson, of Berl, Potter & Anderson, Wilmington, and Walter R. Barry, James E. Hughes and George F. Mason, Jr., of Coudert Brothers, New York City, for defendant.


SEITZ, Chancellor.

The question is whether a certain profit sharing plan was effectively ratified by the stockholders.

The defendant corporation's board of directors adopted a Profit Sharing Plan which plaintiffs attacked in this court. After the trial, but before the decision, the directors called a meeting to request stockholder ratification of the plan. This court's decision1 upholding the plan came down before the meeting date...

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