Dimmock v. Reichhold Chemicals, Inc.

This is a special proceeding under section 623 of the Business Corporation Law, commenced by Clarence O. Dimmock, Jr., to determine the fair value of his shares of stock of Modiglass Fibers, Inc., incident to the merger of said corporation into Reichhold Chemicals, Inc.

On October 16, 1963, Dimmock owned 14,825 shares of the Modiglass stock. On that date, Reichhold, which owned 811,-350 of the 850,000 outstanding shares of Modiglass and which had been operating Modiglass as a subsidiary since 1960, notified the Modiglass shareholders of a merger that would take place. Dimmock dissented and…