Maclary v. Pleasant Hills, Inc.

Seitz, Chancellor:

This is the decision after final hearing in a stockholders’ derivative action seeking:

1. Cancellation of certain stock;

2. The recovery of an alleged illegal loan from the corporation to a director ;

3. The recovery of certain real estate obtained by some of the individual defendants from the corporation for an inadequate consideration, or in lieu thereof repayment of the difference in value. Plaintiffs also seek to recover profits made by one of the individual defendants on the sale of certain houses on the basis of the corporate opportunity doctrine.

In order to point up…