Berwald v. Mission Development Co.

Southerland, Chief Justice:

Plaintiffs, owners of 248 shares of the stock of Mission Development Corporation, brought suit to compel the liquidation of Mission and the distribution of its assets to its stockholders. Mission answered and filed a motion for summary judgment, based on affidavits and depositions. Plaintiffs tendered no contradictory proof. The Vice Chancellor granted the motion and the plaintiffs appeal.

The facts are as follows:

Defendant, Mission Development, is a holding company. Its sole significant asset is a block of nearly seven million shares of Tidewater Oil Company.…