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BALLENGER v. APPLIED DIGITAL SOLUTIONS, INC.

No. Civ.A.01-390 GMS.

189 F.Supp.2d 196 (2002)

John G. BALLENGER, Christopher J. Ballenger, Frederick M. Henschel, David M. Schaumburg, Michael K Gammill, Thomas M. Cuneo, Jacqueline M. Twaststijerna and Glenn J. Ballenger, Plaintiffs, v. APPLIED DIGITAL SOLUTIONS INC., a Missouri corporation, Computer Equity Corporation, a Delaware corporation, Richard J. Sullivan, David A. Loppert and David I. Beckett, Defendants.

United States District Court, D. Delaware.

January 31, 2002.

Attorney(s) appearing for the Case

Jesse A. Finkelstein, Richards, Layton & Finger, Wilmington, Delaware, for Plaintiffs.

P. Clarkson Collins, Jr., Morris, James, Hitchens & Williams, Wilmington, Delaware, for Defendants.

MEMORANDUM OPINION

SLEET, District Judge.

I. INTRODUCTION

The plaintiffs, John G. Ballenger et al., ("The Compec plaintiffs") were stockholders in the Compec Corporation. The Compec plaintiffs sold their shares to Applied Digital Solutions, Inc., ("ADSX"). The transaction required that the Compec plaintiffs be given unregistered ADSX shares in exchange for their Compec shares. ADSX promised to use its "best efforts" to register the...

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