SCHNELL V. CHRIS-CRAFT INDUSTRIES, INC.
285 A.2d 437 (1971)
NATURE OF THE CASE: Schnell (P), stockholders, challenged the order of the Chancery Court
denying a petition for injunctive relief to prevent the advancement of an annual
stockholders' meeting by Chris-Craft (D). as previously set by the by-laws.
FACTS: The directors of Chris-Craft Industries, Inc. (D) attempted to move the meeting
previously set by the by-laws for January 11, 1972 to December 8, 1971. The court held that
the directors of D took advantage of a new section of Delaware corporate law to cut the
amount of time available to wage a proxy battle. The directors changed the date of the
stockholder meeting by amending by laws two days after the stockholder committee had filed
an intention to wage a proxy fight with the S.E.C. The dissenting stockholders (Ps)
instituted an action.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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