Skouras v. Admiralty Enterprises, Inc.
Delaware Court of Chancery
386 A.2d 674 (1978)
- Written by Robert Cane, JD
Facts
Plato Skouras (Plato) (plaintiff), a shareholder and former director of Admiralty Enterprises, Inc. (defendant), suspected misconduct by Admiralty’s corporate officers and directors. Plato alleged that Admiralty’s and several of its subsidiaries’ assets were being used for the personal gain of Admiralty’s officers and directors. Plato essentially alleged that Admiralty had wasted corporate resources on loans and excessive salaries for family members and other expenses like cruises, private club memberships, interior decorating, and hosting unnecessarily expensive events dating back many years. Plato wrote a number of letters to various organizations (e.g., the Securities and Exchange Commission) accusing other members of the Skouras family of fraud and other misconduct. Over the years, Plato had sought, on several occasions, the purchase of his stock by Admiralty. Eventually, Plato sought an order from the Delaware Court of Chancery for the right to inspect the corporate books and records of Admiralty and its subsidiaries.
Rule of Law
Issue
Holding and Reasoning (Marvel, J.)
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