Court of Chancery of Delaware September 20, 1971 (New York Stock Exchange v. Pickard & Company)

DUFFY, Chancellor:

On March 21, 1969 the New York Stock Exchange (plaintiff) filed a complaint asking for the appointment of a receiver for Pickard & Company, Incorporated, a Delaware corporation, on the ground that it was insolvent. 8 Del.C. § 291. The statutory grounds having been established, the Court appointed a receiver on April 22, 1969.