Hoschett v. Tsi International Software, Ltd.

683 A.2d 43 (1996)

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Nature of the Case

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Facts

Hoschett (P) is a registered owner of 1,200 shares of common stock of TSI (D). D is privately owned with 962,274 shares of common and 860,869 shares of convertible preferred stock which are held by less than 40 stockholders of record. D has never had an annual meeting for the election of directors. P filed this action seeking an order to compel an annual meeting. P moved for summary judgment. D cross motioned; they had written consent from a majority of the voting power to elect five directors, and that satisfies the requirement to hold an annual meeting.