• Manti Holdings, LLC v. The Carlyle Group Inc.

    Publication Date: 2022-03-01
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rolin P. Bissell, Paul J. Loughman, Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; D. Patrick Long, Jonathan R. Mureen John Tancabel, Squire Patton Boggs (US) LLP, Dallas, TX for plaintiffs.
    for defendant: Albert H. Manwaring IV, Kirsten Zeberkiewicz, Morris James LLP, Wilmington, DE; Robert A. Van Kirk, Sarah F. Kirkpatrick, Lauren Uhlig, Williams & Connolly LLP, Washington, DC for defendants.

    Case Number: D69727

    The court held that plaintiffs did not waive their right to bring an action to challenge fiduciary duty breaches allegedly committed in connection with the sale of a company, or for secondary liability claims, because the contract language did not show a clear relinquishment of those rights.

  • In Re Straight Path Commc'ns Inc. Consol. Stockholder Litig.

    Publication Date: 2022-03-01
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger,Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Jeroen van Kwawegen, Edward G. Timlin, Alla Zayenchik, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Vincent R. Cappucci, Joshua K. Porter, Entwistle& Cappucci LLP, New York, NY for plaintiffs.
    for defendant: Rudolf Koch, Kevin M. Gallagher, Daniel E. Kaprow, Richards, Layton & Finger, P.A., Wilmington, DE; Thomas Uebler, Mccollom D’Emilio Smith Uebler LLC, Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Evelyn Fruchter, Cyrulnik Fetters LLP, New York, NY; Kevin R. Shannon, Berton W. Ashman, Jr., Jacqueline A. Rogers, David A. Seal, Potter Anderson & Corroon LLP, Wilmington, DE, for defendants

    Case Number: D69726

    The court held that there were disputes over material facts regarding which entity was responsible for indemnifying a claim from a settlement with the Federal Communications Commission such that they precluded entry of summary judgment.

  • Ryan v. Buckeye Partners, L.P.

    Publication Date: 2022-02-22
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale | Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Blake A. Bennett, Dean R. Roland, Cooch and Taylor, P.A., Wilmington, DE; Clinton A. Krislov, Kenneth T. Goldstein, Christopher M. Hack, Krislov & Associates, Ltd., Chicago, IL; Samuel B. Edwards, Ryan Cook, Shepherd, Smith, Edwards & Kantas, LLP, Houston, TX for plaintiff.
    for defendant: William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Gary A. Bornstein, Rory A. Leraris, Cravath, Swaine & Moore LLP, New York, NY; Jeffrey L. Moyer, Srinivas M. Raju, Tyler E. Cragg, Richards, Layton & Finger, P.A., Wilmington, DE; Andrew W. Hammond, Steven A. Levy, White & Case LLP, New York, NY for defendants.

    Case Number: D69718

    The court held in this class action that plaintiffs failed to plead sufficient facts to support their breach of contract and breach of implied covenant claims relating to a merger that was approved by a majority of unitholders.

  • Galindo v. Stover

    Publication Date: 2022-02-08
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Juan E. Monteverde, Monteverde & Associates PC, New York, NY for plaintiffs.
    for defendant: Kenneth J. Nachbar, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Robert S. Harrell, Charles S. Kelley, Joseph De Simone, Michael Rayfield, Mayer Brown LLP, New York, NY for defendants.

    Case Number: D69702

    The court held that the business judgment rule applied to a merger that had been approved by a majority of stockholders.

  • In re: Resolute Energy Corp. Sec. Litig.

    Publication Date: 2022-02-08
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Krause
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69709

    Failure to explain alleged "actual value" of company shares or how the company's stockholders could have achieved that value in a merger transaction was fatal to fraud/breach of fiduciary duty claim.

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  • The Am. Inst. for Chartered Prop. Cas. Underwriters v. Potter

    Publication Date: 2022-01-18
    Practice Area: Mergers and Acquisitions
    Industry: Insurance
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff: Matthew P. Denn, DLA Piper LLP, Wilmington, DE; Christopher Oprison, DLA Piper LLP, Miami, FL for plaintiff.
    for defendant: Seth Niederman, Katelyn M. Crawford, Fox Rothschild LLP, Wilmington, DE; Robert S. Tintner, Nathan M. Buchter, Fox Rothschild LLP, Philadelphia, PA for defendant.

    Case Number: D69683

    Claim under Section 766A of the Restatement (Second) of Torts failed where claimant failed to allege that it was unable to secure performance from its contractual counterparty due to the interference of the defendant.

  • The Williams Cos., Inc. v. Energy Transfer LP

    Publication Date: 2022-01-11
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kenneth J. Nachbar, Susan W. Waesco, Matthew R. Clark, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Antony L. Ryan, Kevin J. Orsini, Michael P. Addis, David H. Korn, Cravath, Swaine & Moore LLP, New York, NY for plaintiff and counterclaim defendant.
    for defendant: Rolin P. Bissel, James M. Yoch, Jr., Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, John C. Wander, Craig E. Zieminski, Andy E. Jackson, Vinson & Elkins LLP, Dallas, TX, for defendants and counterclaim plaintiffs.

    Case Number: D69672

    The court held that defendant was contractually obligated to reimburse plaintiff for a merger termination fee of $410 million plus interest to plaintiff.

  • SPay, Inc. v. Stack Media Inc.

    Publication Date: 2022-01-04
    Practice Area: Mergers and Acquisitions
    Industry: Software
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: John A. Sensing, Clarissa R. Chenoweth-Shook, Potter Anderson & Corroon LLP, Wilmington, DE; Dylan P. Kletter, Anthony J. Boccamazzo, Kelsey D. Bond, Brown Rudnick LLP, Hartford, CT for plaintiff.
    for defendant: William D. Sullivan, William A. Hazeltine, Sullivan Hazeltine Allinson LLC, Wilmington, DE; Peter Skinner, Duane Loft, David Barillari, Lindsey Ruff, Anastasia Cembrovska, Boies Schiller Flexner LLP, New York, NY; Donna L. Culver, Derek C. Abbott, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Sean D. Malloy, Jennifer D. Armstrong, McDonald Hopkins LLC, Cleveland, Ohio; Geoffrey G. Grivner, Kody M. Sparks, Buchanan Ingersoll & Rooney PC. Wilmington, DE; Sidney S. Liebesman, Fox Rothschild LLP, Wilmington, DE; Stephanie Resnick, John C. Fuller, Fox Rothschild LLP, Philadelphia, PA for defendants.

    Case Number: D69663

    The court held it had subject matter jurisdiction over all claims though some were common law rather than equitable claims.

  • Serviz v. The ServiceMaster Co., LLC

    Publication Date: 2021-12-21
    Practice Area: Mergers and Acquisitions
    Industry:
    Court: Delaware Superior Court
    Judge: Judge Wallace
    Attorneys: For plaintiff: Steven L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE for plaintiff.
    for defendant: John P. DiTomo, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, DE, Lynn K. Neuner, Rachel S. Bradley, Simpson, Thatcher & Bartlett LLP, New York, NY for defendants.

    Case Number: D69648

    The court ordered plaintiff to produce emails from their privilege log, finding that the emails were not protected by attorney-client privilege.

  • AB Stable VIII LLC v. MAPS Hotels & Resorts One LLC

    Publication Date: 2021-12-21
    Practice Area: Mergers and Acquisitions
    Industry: Hospitality and Lodging
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Raymond J. DiCamillo, Kevin M. Gallagher, Sarah A. Clark, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Theodore N. Mirvis, William Savitt, Sarah K. Eddy, Ryan A. McLeod, Wachtell, Lipton, Rosen & Katz, New York, NY; Theodore B. Olson, Amir C. Tayrani, Gibson, Dunn & Crutcher LLP, Washington, D.C.; Adam H. Offenhartz, Marshall R. King, Gibson, Dunn & Crutcher LLP, New York, NY for appellant.
    for defendant: A. Thompson Bayliss, Michael A. Barlow, April M. Kirby, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; Kathleen M. Sullivan, Michael B. Carlinsky, William B. Adams, Christopher D. Kercher, Rollo C. Baker IV, Todd G. Beattie, Jonathan E. Feder, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Kap-You Kim, Peter & Kim Attorneys at Law, Seoul, South Korea for appellees.

    Case Number: D69651

    Seller of hotel businesses breached ordinary course covenant by making material changes to operations in response to the COVID-19 pandemic, where the covenant did not contain a material adverse event exception and where seller failed to obtain buyer's consent to the changes.