Legal Opinion
Allied Chemical & Dye Corp. v. Steel & Tube Co. of America
Court of Chancery of Delaware
Decided March 28, 1923PublishedCited by 101 opinions
1Opinion of the Court
The Chancellor.
In Butler v. New Keystone Copper Co., et al., 10 Del. Ch. 371, 93 Atl. 380, it was said:
“The general rule as to commercial corporations seems to be settled, that neither the directors nor the stockholders of a prosperous, going concern have power to sell all, or substantially all, the property of the company if the holder of a single share dissent. But if the business be unprofitable, and the enterprise be hopeless, the holders of a majority of the stock may, even against the dissent of the minority, sell all the property of the company with a view to winding up the corporate…
2Cases cited18 opinions
- Geddes v. Anaconda Copper Mining Co.Supreme Court of the United States · 1921
- Jackson v. LudelingSupreme Court of the United States · 1874
- Farmers' Loan & Trust Co. v. New York & Northern Railway Co.New York Court of Appeals · 1896
- Kavanaugh v. . Kavanaugh Knitting Co.New York Court of Appeals · 1919
- Miner v. Belle Isle Ice Co.Michigan Supreme Court · 1893
13 more not listed; retrieve them via the Exa API.
3Cited by101 opinions
- Donahue v. Rodd Electrotype Co. of New England, Inc.Massachusetts Supreme Judicial Court · 1975
- Smith v. Van GorkomSupreme Court of Delaware · 1985
- Unocal Corp. v. Mesa Petroleum Co.Supreme Court of Delaware · 1985
- Salamone v. GormanSupreme Court of Delaware · 2014
- Sterling v. Mayflower Hotel Corp.Supreme Court of Delaware · 1952
96 more not listed; retrieve them via the Exa API.