Butler v. New Keystone Copper Company
Court of Chancery of Delaware
Injunction Bill. A stockholder of the New Keystone Copper Company, a Delaware corporation, filed a bill in this court to perpetually enjoin a proposed sale of substantially all of the assets of the company to the Inspiration Consolidated Copper Company, a Maine corporation, in exchange for shares of stock of the latter company, and to prevent a distribution by the defendant company of its assets among its stockholders.
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Injunction Bill. A stockholder of the New Keystone Copper Company, a Delaware corporation, filed a bill in this court to perpetually enjoin a proposed sale of substantially all of the assets of the company to the Inspiration Consolidated Copper Company, a Maine corporation, in exchange for shares of stock of the latter company, and to prevent a distribution by the defendant company of its assets among its stockholders. The New Keystone Copper Company, one of the defendants, owns a copper mine in Arizona, which is still being developed by exploratory work to determine whether ore can be…
1Opinion of the Court
The Chancellor
(after stating the facts as above). By the charter of the defendant company, in addition to the general powers conferred on all corporations incorporated under the General Incorporation Act of Delaware (22 Del. Laws, c. 394), it acquired very broad powers. It could buy, sell and deal in mines, acquire by exchange of property and sell or otherwise dispose of and deal in shares of other corporations, and had other broad powers. Indeed it was almost broad enough to permit it to carry on any kind of business, except that of a public service corporation, anywhere perpetually. There…
2Cases cited12 opinions
- Booth v. RobinsonCourt of Appeals of Maryland · 1881
- Theis v. Spokane Falls Gas Light Co.Washington Supreme Court · 1904
- Franklin Co. v. Lewiston Institution for SavingsSupreme Judicial Court of Maine · 1877
- Parsons v. Tacoma Smelting & Refining Co.Washington Supreme Court · 1901
- Traer v. Lucas Prospecting Co.Supreme Court of Iowa · 1904
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3Cited by18 opinions
- Sterling v. Mayflower Hotel Corp.Supreme Court of Delaware · 1952
- Gimbel v. Signal Companies, Inc.Court of Chancery of Delaware · 1974
- Allied Chemical & Dye Corp. v. Steel & Tube Co. of AmericaCourt of Chancery of Delaware · 1923
- Drug, Inc. v. HuntSupreme Court of Delaware · 1933
- Fidanque v. American Maracaibo Co.Court of Chancery of Delaware · 1952
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