ENERGY
Award to Ex-Shell Stockholders Is Upheld: The Delaware Supreme Court has upheld a lower court decision that would give $120 million to 1,000 former holders of 1 million shares of Shell Oil Co. In December, 1990, Delaware Vice Chancellor Maurice Hartnett III awarded the stockholders $71.20 per share. Houston-based Shell, the nation’s seventh-largest oil company, became a subsidiary of Royal Dutch-Shell Group in June, 1985. As part of the merger, shareholders were told that they could accept $60 per share or seek a court appraisal of the stock’s value. Many opted for the appraisal.
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