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EDELMAN v. SALOMON

Civ. A. No. 83-9.

559 F.Supp. 1178 (1983)

Asher B. EDELMAN, Canran Associates I, L.P., Plaza Securities Company, and Arbitrage Securities Company, Plaintiffs, v. Sir Walter H. SALOMON, John Legge, the Earl of Dartmouth, Montagu Investment Management Limited, Canal-Randolph Corporation, Alfred D. Timm, A.B. Robbs, Jr., Dwight D. Sutherland, Rea Brothers Plc., Rea Brothers (Guernsey) Limited, Rea Brothers (Isle of Man) Limited, the Scottish and Mercantile Investment Company, Plc., Lancashire & London Investment Trust Plc., Ocean Wilsons (Holdings) Plc., Jastlin Limited, Fashion & General Investment Plc., Scottish Cities Investment Trust Plc. and Jocelin Harris, Defendants.

United States District Court, D. Delaware.

As Amended March 18, 1983.

Attorney(s) appearing for the Case

Rodman Ward, Jr., Stephen P. Lamb, Stephen E. Jenkins, Skadden, Arps, Slate, Meagher & Flom, Wilmington, Del., Stuart L. Shapiro, Michael W. Mitchell, Deborah Lin Smith, Jeremy A. Berman, Yvonne V. Miller, Skadden, Arps, Slate, Meagher & Flom, New York City, for plaintiffs.

A. Gilchrist Sparks, III, Kenneth J. Nachbar, Morris, Nichols, Arsht & Tunnell, Wilmington, Del., Wachtell, Lipton, Rosen & Katz, Proskauer, Rose, Goetz & Mendelsohn, New York City, for all defendants except Montagu, Robbs and Sutherland.

Michael D. Goldman, Donald J. Wolfe, Jr., John E. James, Potter, Anderson & Corroon, Wilmington, Del., Joseph T. McLaughlin, Charles B. Manuel, Jr., James P. Fallon, Shearman & Sterling, New York City, for defendant Montagu.

R. Franklin Balotti, Donald A. Bussard, Richards, Layton & Finger, Wilmington, Del., Walsh & Frisch, New York City, for defendants Robbs and Sutherland.

OPINION

STAPLETON, District Judge:

This securities action arises out of a proxy contest for control of Canal-Randolph Corporation ("Canal-Randolph"). Plaintiffs seek preliminary and permanent injunctive relief which would, inter alia, postpone the annual meeting of Canal-Randolph stockholders currently scheduled for March 18, 1983, require that there be cumulative voting in the election of directors at that meeting, and direct that certain shares...

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