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  • Strategic Inv. Opportunities LLC v. Lee Enter., Inc.

    Publication Date: 2022-03-01
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: John D. Hendershot, Matthew W. Murphy, John T. Miraglia, Richards, Layton & Finger, P.A., Wilmington, DE; Adrienne Marie Ward, Lori Marks-Esterman, Peter M. Sartorius, Theodore J. Hawkins, Olshan Frome Wolosky LLP, New York, NY for plaintiff.
    for defendant: Michael A. Pittenger, Christopher N. Kelley, Daniel M. Rusk, IV, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE; Stefan Atkinson, Byron Pacheco, Brittney Nagle, Kirkland & Ellis LLP, New York, NY for defendants.
    Case Number: D69729

    The court held that the defendant company, through its board members, did not breach bylaw requirements when it rejected the proposed nomination to the board because the nomination notice was deficient, and the actions of the board were rea-sonable and equitable.

  • 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.

  • Apex Fin. Options LLC v. Gilbertson

    Publication Date: 2022-02-22
    Practice Area: Expert Witnesses
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Fallon
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D69720

    The court found defendants' expert opinion ostensibly about valuation to be outside the scope of the expert's qualifications, to be unhelpful to the trier of fact, and to be unreliable because of reliance on irrelevant data.

  • BCIM Strategic Value Master Fund LP v. HFF, Inc.

    Publication Date: 2022-02-15
    Practice Area: Deals and Transactions
    Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: David J. Margules, Elizabeth A. Sloan, Jessica C. Watt, Ballard Spahr LLP, Wilmington, DE; Stephen Brauerman, Emily A. Letcher, Bayard PA, Wilmington, DE; William B. Igoe, Philadelphia, PA for petitioner.
    for defendant: William M. Lafferty, Ryan D. Stottmann, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington DE; Marc J. Sonnenfeld, Laura H. McNally, Morgan, Lewis & Bockius LLP, Philadelphia, PA for respondent.
    Case Number: D69710

    The court, in the appraisal action, determined the fair value of the respondent and gave heavy weight to the deal price.

  • 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.

  • Law Journal Press | Digital Book

    Florida Community Association Litigation: Homeowners’ Associations and Condominiums 2019

    Authors: Ron M. Campbell

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  • In Re: AMC Investors, LLC

    Publication Date: 2022-02-08
    Practice Area: Bankruptcy
    Industry: Investments and Investment Advisory
    Court: U.S. Bankruptcy Court
    Judge: Judge Sontchi
    Attorneys: For plaintiff: Mark D. Collins, Marcos A. Ramos, Cory D. Kandstein, Richards, Layton & Finger, P.A., Wilmington, DE; Mitchell A. Karlan, Gibson, Dunn & Crutcher LLP, New York, NY for plaintiff.
    for defendant: Curtis S. Miller, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Brian P. Miller, Samantha J. Kavanaugh, James A. Bombulie, Akerman LLP, Miami, FL for defendants.
    Case Number: D69704

    Breach of fiduciary duty claims were untimely where plaintiffs were on notice of the claims over a decade prior as the same claims had been asserted against several of the plaintiffs in a related action.

  • Simons v. Brookfield Asset Mgmt. Inc.

    Publication Date: 2022-02-08
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Kevin H. Davenport, Samuel L. Closic, Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Brian J. Robbins, Gregory Del Gaizo, Stephen J. Oddo, Eric M.Carrino, Robbins LLP, San Diego, CA for plaintiff.
    for defendant: Bradley R. Aronstam, R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Geoffrey J. Ritts, Jones Day, Cleveland, OH; Marjorie P. Duffy, Jones Day, Columbus, OH; Blake Rohrbacher, Alexander M. Krischik, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Lawrence Portnoy, Davis Polk &Wardwell LLP, New York, NY for defendants.
    Case Number: D69705

    The court held that a majority of the board at the time of filing were outside directors who did not receive a material personal benefit from the challenged transaction, did not face a substantial likelihood of liability because of an exculpation provision, and did not lack independence from the controlling stockholder who was a party to the challenged transaction.

  • Levy Family Investors, LLC v. Oars + Alps LLC

    Publication Date: 2022-02-08
    Practice Area: Contracts
    Industry: Consumer Products | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Rudolf Koch, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Greg Shinall, Michael G. Dickler, Sperling & Slater, P.C., Chicago, IL for plaintiffs.
    for defendant: Robert S. Saunders, Sarah R. Martin, Michelle L. Davis, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Ryan D. Stottmann, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tamir Young, Studin Young PC, Hauppauge, NY; Peter B. Ladig, Elizabeth A. Powers, Sarah T. Andrade, Bayard, P.A., Wilmington, DE for defendants.
    Case Number: D69703

    The court held that because there were two competing and reasonable interpretations of certain contract language, the contract was ambiguous, and the ambiguity barred a motion to dismiss as a matter of law or on the pleadings.

  • 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.

  • Weinstein v. Luxeyard, Inc.

    Publication Date: 2022-02-01
    Practice Area: Contracts
    Industry: Investments and Investment Advisory | Retail
    Court: Delaware Superior Court
    Judge: Judge Adams
    Attorneys: For plaintiff: Julia B. Klein, Klein, LLC, Wilmington, DE, for plaintiffs.
    for defendant: Ann M. Kashishian, Kashishian Law, LLC, Wilmington, DE; Jack J. Nichols, Jack J. Nichols, P.C., Houston, TX for defendant.
    Case Number: D69697

    The court held that the convertible debentures at issue were conditional because they contained an express condition for payment which made the agreement a contract and not a negotiable instrument.