Striker v. Chesler

Marvel, Vice Chancellor:

Plaintiff, who claims to be a stockholder of the defendant, Ridgeway Corporation, a Michigan corporation, filed this derivative action on behalf of such corporation on June 5, 1957. On June 27, 1957, Ridgeway Corporation was dissolved under Michigan law. The complaint charges that the other named defendants have improperly used the assets of Ridgeway for their own benefit, a use allegedly acquiesced in by an interested board of directors of Ridgeway, all of the members of which were at the times complained of also on the boards of one or more of the other corporate…