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Corporations Keyed to Hazen
Haywood v. AmBase Corp.
Citation:
2005 WL 2130614 (Del. Ch. 2005)Facts
Plaintiffs, George Haywood and Denis Cronin, are beneficial owners of defendant Ambase Corporation’s common stock. In 2003, Haywood and Cronin became alarmed by the payment of compensation and benefits to Bianco that seemed patently excessive. After confronting Bianco and receiving no satisfactory explanation for what they considered his lavish compensation, Haywood and Cronin made written demands to inspect Ambase’s books and records. Ambase refused to permit inspection of the documents requested. Ambase, however, refused to produce or allow inspection of the documents.
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