Braasch v. Mandel

Wolcott, Justice:

This is an opinion on a motion to dismiss an appeal taken from two orders of the Vice Chancellor entered in the above cause.

Herbert Braasch, a stockholder of Mandel Brothers, Inc. (hereinafter Mandel), filed a derivative action on behalf of himself and other stockholders against certain officers and directors of Mandel.

The complaint alleged that in August, 1960, Mandel sold all its assets to Weiboldt Stores, Inc. (hereafter Weiboldt), in exchange for stock of Weiboldt which under the plan was to be distributed pro rata to Mandel’s stockholders. Following the distribution of…