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Haft v. Haft

Delaware Court of Chancery

671 A.2d 413 (Del. Ch. 1995)

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Relevant factsFree

Herbert Haft (defendant), founder and CEO of Dart Group Corporation, transferred 57% of Dart's voting stock to his son Ronald Haft (plaintiff) in exchange for a promissory note and a lifetime irrevocable proxy letting Herbert continue voting the transferred shares. Ronald later tried to revoke that proxy, prompting this dispute over whether Herbert's interest was sufficient to make the proxy irrevocable and enforceable.

IssueFree

Whether a proxy holder's interest in maintaining a salaried office within the corporation is sufficient to support an irrevocable proxy.

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