Veeder v. Public Service Holding Corp.

Carey, Judge,

delivering the opinion of a majority of the court.

In 1939, the Chancellor appointed a receiver for the defendant corporation. Its sole assets consisted of stock in certain subsidiary corporations, which then had little value. For various reasons, the progress of the receivership was delayed over a period of several years, and eventually (for causes unrelated to the receivership) its assets so increased in value as to make it possible to terminate the receivership without disposing of those assets. For present purposes, there is no necessity to recapitulate all the various events…