Equity Corporation v. Milton

Wolcott, Chief Justice:

This is an appeal from an order of the Court of Chancery entering a summary judgment in favor of both defendants.

The plaintiff, The Equity Corporation, a closed-end investment company, brought suit against David M. Milton, Chief Executive Officer and Chairman of the Board of Equity, and his wholly-owned subsidiary, Triangle Securities Corporation.

The suit seeks to compel Milton to account or to turn over to Equity options to purchase 1,773,665 shares of Equity common stock representing about 20% of its outstanding stock. Equity charges that Milton obtained the options…