Silverman v. National Assets Corp.

The Vice-Chancellor :

The charter of defendant, a Delaware corporation, became void and in 1934 was declared repealed for failure to pay Delaware franchise taxes. Thereafter, by decree in this cause, Leonard G. Hagner was appointed receiver for defendant. Its sole assets were rights of action against certain former directors, *311residents of New York. After obtaining judgment against them, the receiver entered into separate compromise agreements and collected sums of money from them. The total amount now remaining is insufficient to pay in full the claim of the State of Delaware for unpaid…