Hana Ranch, Inc. v. Lent

MARVEL, Chancellor:

This action seeks Court approval of a plan designed to amend the provisions of the corporate charter of Hana Ranch, Inc. having to do with the rights of holders of shares of preferred stock of such corporation by adding thereto a right to convert such shares of stock into common shares of the corporation at a fixed ratio. Such plan has already received the apparent approval of 88.737% of the outstanding shares of common stock. The defendant is a director as well as the holder of common stock of, the plaintiff, having allegedly taken the position that as a member of the…