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Business Associations Keyed to Bainbridge
Sinclair Oil Corp. v. Levien
Citation:
280 A.2d 717 (Del.1971)Facts
Sinclair, operating primarily as a holding company, is in the business of exploring for oil and of producing and marketing crude oil. It owned about 97% of Sinclair Venezuelan Oil Company’s (Sinven) stock. Sinclair nominates all members of Sinven’s board of directors. They were officers, directors, or employees of corporations in the Sinclair complex. From 1960 through 1966, Sinclair caused Sinven to pay out excessive dividends that the industrial development of Sinven was effectively prevented, and it became in reality a corporation in dissolution. From those periods, Sinven paid out $108,000,000 in dividends.
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Topic Resources
Topic Outline
CorporationsTopic Refresher Course
Negligence: DutyTopic Charts & Notes
Parties Chart