Kohls v. Kenetech Corporation et al.

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IN THE SUPREME COURT OF THE STATE OF DELAWARE ROBERT L. KOHLS and LOUISE A. KOHLS, Plaintiffs Below, Appellants, v. KENETECH CORPORATION and MARK D. LERDAL, ANGUS M. DUTHIE, GERALD R. ALDERSON, and CHARLES CHRISTENSON, Defendants Below, Appellees. § § § § § § § § § § § § § § § No. 433, 2000 Court Below: Court of Chancery of the State of Delaware in and for New Castle County C.A. No. 17763-NC Submitted: November 20, 2001 Decided: April 5, 2002 Before VEASEY, Chief Justice, WALSH, HOLLAND, BERGER, Justices and HARTNETT,* Justice (Retired), constituting the Court en Banc. ORDER This 5th day of April, 2002, the Court, having considered this matter on the briefs and arguments of the parties, and having concluded that the same should be affirmed on the basis of and for the reasons assigned by the Court of Chancery in its opinion dated July 26, 2000 without reaching the general question of * Sitting by designation pursuant to Del. Const. art. IV, §38 and 29 Del.C. §5610(a)(2). whether or to what extent directors of a corporation said to be in the so-called vicinity of insolvency owe fiduciary duties to preferred stockholders; NOW, THEREFORE, IT IS HEREBY ORDERED that the judgment of the Court of Chancery be, and the same hereby is AFFIRMED. BY THE COURT: /s/ Carolyn Berger Justice 2

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