Document: Dow Chem. Int’l Inc. of Delaware, C.A. No. 3972-CC, Chandler, C. (Del. Ch. Oct. 14, 2008)
The Court denied an application to appoint a receiver, where the petitioner was an attorney representing a group of plaintiffs seeking to pursue tort litigation against the corporation. The Court reasoned that 8 Del. C. § 278 did not apply because (1) the action did not meet the three-year window for suits against dissolved corporations since the corporation dissolved in 1988, and (2) the discretion granted the Chancery Court to continue corporate existence beyond the three-year period is only for the purpose of resolving pending litigation or disposing of remaining assets and the corporation here had no assets. Also, the Court held that 8 Del.C. § 279 only applies to shareholders and creditors when there are remaining assets.