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NEW YORK STOCK EXCHANGE v. PICKARD & COMPANY

282 A.2d 651 (1971)

NEW YORK STOCK EXCHANGE, an unincorporated association under the laws of the State of New York, Plaintiff, v. PICKARD & COMPANY, Incorporated, a corporation of the State of Delaware, Defendant.

Court of Chancery of Delaware, New Castle.

September 20, 1971.

Attorney(s) appearing for the Case

John P. Sinclair, and Michael D. Goldman, of Potter, Anderson & Corroon, Wilmington, for plaintiff.

William H. Uffelman, Jr., of Theisen, Lank & Kelleher, Wilmington, for Aubrey B. Lank, Receiver of Pickard & Co., Inc.

DUFFY, Chancellor:

On March 21, 1969 the New York Stock Exchange (plaintiff) filed a complaint asking for the appointment of a receiver for Pickard & Company, Incorporated, a Delaware corporation, on the ground that it was insolvent. 8 Del.C. § 291. The statutory grounds having been established, the Court appointed a receiver on April 22, 1969.

The Stock Exchange filed a claim asserting that it was a general creditor of Pickard and was owed the sum...

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