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FOSTER v. DELAWARE VALLEY DRUG CO.

114 A.2d 228 (1955)

Albert W. FOSTER, Plaintiff, v. DELAWARE VALLEY DRUG CO., Inc., a Delaware corporation, Defendant.

Court of Chancery of Delaware, New Castle.

Supplemental Opinion May 18, 1955.

Attorney(s) appearing for the Case

James R. Morford of Morford & Bennethum, Wilmington and Herbert A. Fogel of Edmonds, Obermayer, & Rebmann, Philadelphia, Pa., for plaintiff.

Clement C. Wood, and H. Albert Young of Young & Wood, Wilmington, for defendant.

SEITZ, Chancellor.

This is the decision after final hearing on plaintiff-stockholder's complaint seeking the appointment of a receiver for the defendant corporation. Plaintiff seeks a receiver on one or more of the following grounds:

1. Insolvency

2. Mismanagement

3. Failure of corporate purpose

This case was tried for three and one-half days and because of the impact of the suit on the corporation's business I agreed to hear argument...

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