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Business Organizations Keyed to Cox
Hariton v. Arco Electronics, Inc.
Citation:188 A.2d 123 (1963)
The defendant Arco and Loral Electronics Corporation are both engaged in the electronic equipmenet business. In 1961, they entered into an amalgamation of the companies. Argo agrees to sell all of its assets to Loral in consideration of the issuance to it of 283,000 shares of Loral. At the Arco meeting all the stockholders voting approved the plan. Plaintiff, a stockholder who did not vote at the meeting, sued to enjoin the consummation of the plan on the grounds that it was illegal and that it was unfair.
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