Stockbridge v. Gemini Air Cargo, Inc.

RUSSELL, Senior Justice.

This appeal involves an action by a stockholder and former employee of a Delaware corporation to recover damages for breach of the corporation's contract to repurchase his shares. The precise question before us is whether the trial court erred in granting summary judgment in the corporation's favor by relying on Section 160 of the Delaware General Corporation Law, Del.Code Ann. Tit. 8, § 160(a) ("Section 160"), which prohibits the repurchase of a corporation's own stock while its capital is impaired. It is undisputed that because the controversy involves the internal…