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Legal Opinion

Schreiber v. Pennzoil Co.

Court of Chancery of Delaware

Decided September 5, 1980PublishedCited by 9 opinions

1Opinion of the Court

DECISION AFTER TRIAL FOR DEFENDANTS

HARTNETT, Vice Chancellor.

This is a stockholder’s derivative action in which the plaintiff (Sehreiber) on his behalf and on behalf of the other stockholders of Pennzoil Offshore Gas Operators, Inc. (POGO) alleges that Pennzoil Company (Pennzoil) breached a fiduciary duty it owed to POGO or caused a waste of POGO’s assets, by charging POGO a $650,000. management fee when POGO invested over 21 million dollars in Pennzoil Louisiana and Texas Offshore, Inc. (PLATO). Both POGO and PLATO are controlled by Pennzoil. A more detailed recitation of the underlying…

2Cases cited13 opinions

  1. Sinclair Oil Corporation v. LevienSupreme Court of Delaware · 1971
  2. Michelson v. DuncanSupreme Court of Delaware · 1979
  3. Kerbs v. California Eastern Airways, Inc.Supreme Court of Delaware · 1952
  4. Lynch v. Vickers Energy Corp.Supreme Court of Delaware · 1977
  5. Gottlieb v. Heyden Chemical Corp.Supreme Court of Delaware · 1952

8 more not listed; retrieve them via the Exa API.

3Cited by9 opinions

  1. Smith v. Van GorkomSupreme Court of Delaware · 1985
  2. Rosenblatt v. Getty Oil Co.Supreme Court of Delaware · 1985
  3. Lewis v. FuquaCourt of Chancery of Delaware · 1985
  4. Warren v. Century Bankcorporation, Inc.Supreme Court of Oklahoma · 1987
  5. Haber v. BellCourt of Chancery of Delaware · 1983

4 more not listed; retrieve them via the Exa API.

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