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Business Associations Keyed to Bainbridge
Fliegler v. Lawrence
Citation:361 A.2d 218 (Del. 1976)
In November, 1969, defendant, John C. Lawrence in his individual capacity, acquired certain antimony properties under a lease-option for $60,000. Lawrence offered to transfer the properties, which were then a ‘raw prospect’, to Agau. However, they agreed that the corporation’s legal and financial position would not permit acquisition and development of the properties at that time. Thus, it was decided to transfer the properties of USAC; it was also decided to grant Agau a long-term option to acquire USAC if the properties to prove to be of commercial value. In January 1970, the option agreement was executed by Agau and USAC. Upon its exercise and approval by Agau shareholders, Agau was to deliver 800,000 shares of its restricted investment stock for all authorized and issued shares of USAC. In July 1970, the Agau board resolved to exercise the option, which was approved by majority vote of the shareholders. Subsequently, plaintiff instituted this suit on behalf of Agau to recover the 800,000 shares.
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