Petty v. Penntech Papers, Inc.

BROWN, Vice Chancellor.

Plaintiff is the owner of 11,500 shares of the common stock of the defendant Penn-tech Papers, Inc., a Delaware corporation (“Penntech”). Individually and derivatively, he seeks a temporary restraining order to prevent the redemption by the corporation on July 31, 1975 of 19,000 shares of Series A Preferred stock. Ultimately, he seeks a permanent injunction against the present plan to redeem these preferred shares. I deal here with the temporary restraining order application only, without proposing to adjudicate the final merits of the action.

The requisites for granting…