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IN RE REGO CO.

Civ. A. No. 11651.

623 A.2d 92 (1992)

In re REGO COMPANY.

Court of Chancery of Delaware, New Castle County.

Decided: October 16, 1992.

Revised: October 22, 1992.

Attorney(s) appearing for the Case

A. Gilchrist Sparks, III, and David G. Thunhorst, of Morris, Nichols, Arsht & Tunnell, Wilmington, for petitioner.

Robert K. Payson, Michael D. Goldman, and Stephen C. Norman, of Potter Anderson & Corroon, Wilmington (Katten, Muchin, Zavis & Weitzman, Los Angeles, CA, of counsel), for Emerson Elec. Co., Claimant.

Clark W. Furlow, and Michele C. Gott, of Smith, Katzenstein & Furlow, Wilmington, Guardian Ad Litem.

Thomas J. Allingham, II, and Robert A. Glen, of Skadden, Arps, Slate, Meagher & Flom, Wilmington (Locke, Purnell, Rain & Harrell, Dallas, TX, of counsel), for Trinity Industries.

Elizabeth McGeever, of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington (Foley & Lardner, Washington, DC, of counsel), for Matheson Gas Products, Inc.

James W. Semple, and Thaddeus J. Weaver, of Morris, James, Hitchens & Williams, Wilmington, for EmpireGas, Inc. of Jacksonville.

Allen M. Terrell, Jr., and David L. Zicherman, of Richards, Layton & Finger, Wilmington (Adams, Kleemeir, Hagan, Hannah & Fouts, Greensboro, NC, of counsel), for Engineered Controls Intern., Inc.

OPINION

ALLEN, Chancellor.

This is an action under recently enacted provisions of the Delaware General Corporation Law creating a procedure by which a dissolved Delaware corporation may achieve, after a judicial proceeding, court approval of a plan of security for corporate claimants. The effects of such approval include (1) the preclusion of liability on the part of the directors of the dissolved corporation to...

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