Alan R. Kahn v. Seaboard Corporation Book Reviews

Alan R. Kahn v. Seaboard Corporation by New Castle Court of Chancery of Delaware Book Summary

ALLEN, Chancellor The complaint purports to be brought derivatively on behalf of Seaboard Corporation against Seaboard's controlling
(75 %) stockholder, Seaboard Flour Corporation ("Flour") and three individuals who comprise the board of directors of Seaboard,
two of whom are the controlling (71 %) shareholders of Flour. The charge is that the individual defendants "required the Company
to enter into numerous transactions with Flour . . . which benefit Flour at the Company's expense." Cplt. P5. Identified are
three transactions, only one of which is relevant to the present motion. It concerns a ten year time charter of seven vessels
entered into in 1986 between a wholly owned subsidiary of Seaboard ("Overseas Limited") and subsidiaries of H & O Shipping
Ltd., a subsidiary of Flour. It is alleged that: Pursuant to said agreements, Overseas is required to pay substantial management fees and other sums, purportedly for administration
and insurance (collectively "Fees"), in addition to time charter costs. For the year ended December 31, 1986, Overseas paid
$3,347,000 in time charter costs and an additional $4,273,000 in fees. For the year ended December 31, 1987, Overseas paid
$3,019,000 in time charter costs and an additional $3,609,000 in fees.

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