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Title: Nicholas L. Giuricich and Bodo Kalen v.
Author : Supreme Court of Delaware
Release Date : January 30, 1982
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 66 KB

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HERRMANN, Chief Justice The plaintiffs appeal the denial by the Court of Chancery of their petition for the appointment of a custodian pursuant to 8 Del.C. § 226(a)(1), 1 despite the existence of a shareholder deadlock between the plaintiffs, who own 50% of the stock of defendant Emtrol Corporation (hereinafter Emtrol), and Continental Boilerworks, Inc., (hereinafter Continental), which controls the remaining 50% of the stock. This deadlock has prevented the election of successor directors indefinitely. This is a case of first impression in this Court. I.