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In re RegO Co.

623 A.2d 92 (1992)

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In re RegO Co.

Delaware Court of Chancery
623 A.2d 92 (1992)

Facts

RegO Company (plaintiff) was a component-parts manufacturer for systems that used liquid petroleum (LP) and other explosive gases. RegO was periodically named as a defendant in lawsuits prosecuted by people injured in accidents involving explosions of LP systems containing RegO manufactured components. RegO decided to dissolve the corporation. To complete the dissolution and winding-up of its affairs, RegO chose to follow dissolution procedures provided for in §§ 280 and 281(a) of the Delaware General Corporation Law. As part of the procedure, RegO petitioned the court for approval of a proposed dissolution plan that included transferring all of its assets into a trust created to be used to pay and secure RegO’s present and foreseeable future claimants. The terms of the claimant trust, however, gave preference to present claimants over the future claimants.

Rule of Law

Issue

Holding and Reasoning (Allen, J.)

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