Equity Corp. v. Milton

Marvel, Vice Chancellor:

According to its unverified complaint, The Equity Corporation, a registered investment company, was deprived of an opportunity to acquire 1,773,665 shares of its own stock in 1963 by reason of the fact that the defendant David M. Milton, then as well as now chief executive officer of the plaintiff corporation, in alleged violation of his fiduciary duty to plaintiff, on August 9, 1963, caused his wholly owned subsidiary, the defendant Triangle Securities Corporation, to acquire options for the purchase *427of the shares in dispute, thereby allegedly appropriating an…