Everett v. Transnation Development Corporation

MARVEL, Vice Chancellor:

Mrs. Everett, the plaintiff herein, was elected to the office of director of Trans-nation ' Development Corporation following its incorporation in Delaware on June 13, 1969 and served until her removal as such officer on April 10, 1970. She is also the beneficial owner of 16,100 shares of Transnation’s common stock. For years prior to the formation of Transnation she had served as a director of Chicago Thoroughbred Enterprises, Inc., now an almost wholly-owned subsidiary of defendant’s.

Transnation, in turn, is a subsidiary of a large corporate enterprise known as Gulf…