Harff v. Kerkorian

324 A.2d 215 (1974)

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Harff v. Kerkorian

Delaware Court of Chancery
324 A.2d 215 (1974)

SC

Facts

Philip and Stephanie Harff (plaintiff) held 5 percent convertible debentures in Metro-Goldwyn-Mayer, Inc. (MGM) (defendant). MGM issued a dividend of $1.75 per share. The Harffs filed a shareholder derivative suit against Kirk Kerkorian (defendant), an MGM director, alleging that the dividend harmed MGM and impaired the value of the Harffs’ debenture. Kerkorian filed a motion to dismiss on the ground that the Harffs were not shareholders in MGM.

Rule of Law

Issue

Holding and Reasoning (Quillen, J.)

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