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eBook details

• Title: Mcdermott Incorporated v. Harry Lewis and
• Author : Supreme Court of Delaware
• Release Date : January 16, 1987
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 76 KB

Description

We confront an important issue of first impression whether a Delaware subsidiary of a Panamanian corporation may vote the
shares it holds in its parent company under circumstances which are prohibited by Delaware law, but not the law of Panama.
Necessarily, this involves questions of foreign law, and applicability of the internal affairs doctrine under Delaware law. Plaintiffs, Harry Lewis and Nina Altman, filed these consolidated suits in the Court of Chancery in December, 1982 seeking
to enjoin or rescind the 1982 Reorganization under which McDermott Incorporated, a Delaware corporation ("McDermott Delaware"),
became a 92 % -owned subsidiary of McDermott International, Inc., a Panamanian corporation ("International"). Lewis and Altman
are stockholders of McDermott Delaware, which emerged from the Reorganization owning approximately 10 % of International's
common stock. Plaintiffs challenged this aspect of the Reorganization, and the Court of Chancery granted partial summary judgment
in their favor, holding that McDermott Delaware could not vote its stock in International.

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