Legal Opinion
Thorpe by Castleman v. Cerbco, Inc.
Supreme Court of Delaware
Decided April 10, 1996No. 345, 1995PublishedCited by 104 opinions
1Opinion of the Court
WALSH, Justice:
In this appeal from the Court of Chancery we address the duties owed to a corporation by controlling shareholders who are also directors. The shareholder-plaintiff in this derivative suit, Merle Thorpe 1 (“Thorpe”) alleged that the controlling shareholders of CERBCO, Inc. had usurped an opportunity which belonged to the corporation. That opportunity was the potential sale of control of one of CERBCO’s subsidiaries. The Chancellor held that the defendants, George and Robert Erikson (“the Eriksons”), who were directors, officers and controlling shareholders of CERBCO, breached…
2Cases cited14 opinions
- Weinberger v. UOP, Inc.Supreme Court of Delaware · 1983
- Guth v. Loft, Inc.Supreme Court of Delaware · 1939
- Kahn v. Lynch Communication Systems, Inc.Supreme Court of Delaware · 1994
- Levitt v. BouvierSupreme Court of Delaware · 1972
- Gimbel v. Signal Companies, Inc.Court of Chancery of Delaware · 1974
9 more not listed; retrieve them via the Exa API.
3Cited by104 opinions
- Lama Holding Co. v. Smith Barney Inc.New York Court of Appeals · 1996
- Malpiede v. TownsonSupreme Court of Delaware · 2001
- Gotham Partners, L.P. v. Hallwood Realty Partners, L.P.Supreme Court of Delaware · 2002
- Continental Insurance v. Rutledge & Co.Court of Chancery of Delaware · 2000
- In re Morton's Restaurant Group, Inc. Shareholders LitigationCourt of Chancery of Delaware · 2013
99 more not listed; retrieve them via the Exa API.