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Corporations Keyed to O’Kelley
Sinclair Oil Corp. v. Levien
Citation:
280 A.2d 717 (1971)Facts
This is an appeal by the defendant, Sinclair Oil Corporation, from the court order, in a derivative action requiring Sinclair to account for damages sustained by its subsidiary, Sinclair Venezuelan Oil Company, organized by Sinclair for the purpose of operating in Venezuela, as a result of dividends paid by Sinven, the denial to Sinven of industrial development, and a breach of contract between Sinclair’s wholly-owned subsidiary, Sinclair International Oil Company and Sinven. Sinclair is in the business of exploring for oil and of producing and marketing crude oil and oil products. At all times, it owned about 97% of Sinven’s stock. The plaintiff owns about 3000 of 120,000 publicly held shares of Sinven. Sinclair nominates all members of Sinven’s board of directors.
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2m 27s