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Business Organizations Keyed to Macey
Ringling Bros.-Barnum & Bailey Combined Shows v. Ringling
Citation:
53 A.2d 441 (Del. 1947)Facts
Ringling and Haley entered into an agreement in 1941. The agreement recites that each party was the owner subject only to possible claims of creditors of the estates of Charles Ringling and Richard Ringling, respectively of 300 shares of the capital stock of defendant corporation. Mr. Loos mentioned in the agreement is an attorney and has represented both parties and before and after the voting trust was terminated in 1942, advised them with respect to the exercise of their voting rights. The parties desired to continue to act jointly in all matters relataing to their stock ownership. So long as the parties agree for whom or for what their shares shall be voted, the agreement provides no function for the arbitrator. Where the parties fail to agree upon a course of action, the agreement directs that the question in disagreement shall be submitted for arbitration to Mr. Loos as arbitrator and his decision shall be binding upon the parties.
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