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  • In re Appraisal of AOL Inc.

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stuart M. Grant, Mary S. Thomas and Laina M Herbert for petitioners
    for defendant: Kevin R. Shannon, Berton W. Ashman, Jr., Christopher N. Kelly, William Savitt, Ryan A. McLeod, An-drew J.H. Cheung, Nicholas Walter and Courtney L. Shike for respondent.
    Case Number: D68067

    In this statutory appraisal proceeding filed by a minority stockholders following a merger, the court relied on a discounted cash flow analysis to determine share value.

  • Cumming v. Edens

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jeffrey Gorris, Christopher Foulds, and Christopher Quinn, Friedlander & Gorris P.A., Wilmington, DE; David Wales, David MacIssac, and John Vielandi, Bernstein Litowtiz Berger & Grossman LLP, New York, NY; Adam Warden, Saxena White P.A., Boca Raton, FL; Steven B. Singer and Joshua H. Saltzman, Saxena White P.A., White Plains, NY; J. Elazar Fruchter, Wohl & Fruchter LLP, New York, NY, attorneys for plaintiff
    for defendant: Robert S. Saunders, Ronald N. Brown, III, Sarah R. Martin, and Elisa M.C. Klein, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE, attorneys for defendants.
    Case Number: D68064

    Derivative complaint not dismissed where plaintiff pled facts of directors conflicts of interest with corporation on the other side of the challenged transaction supporting a reasonable doubt as to whether board was disinterested or independent, which constituted a non-exculpated claim.

  • Appel v. Berkman

    Publication Date: 2018-03-07
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Hospitality and Lodging
    Court: Delaware Supreme Court
    Judge: Justice Strine
    Attorneys: For plaintiff: Jeremy Friedman, Spencer Oster, and David Tejtel, Friedman Oster & Tejtel PLLC, New York, NY; Peter B. Andrews, Craig J. Springer, and David M. Sborz, Andrews & Springer LLC, Wilmington, DE, attorneys for appellant
    for defendant: Mark A. Kirsch and Jefferson E. Bell, Gibson, Dunn & Crutcher LLP, New York, NY; Brian M. Lutz, Gibson, Dunn, & Crutcher LLP, San Francisco, CA; Raymond J. DiCamillo and Elizabeth DeFelice, Richards, Layton & Finger, P.A., Wilmington, DE; Stephen B. Brauerman and Sara E. Bussiere, Bayard, P.A., Wilmington, DE, attorneys for appellees.
    Case Number: D68063

    Boards decision to exclude the chairman/founders opposition to a proposed merger transaction from the stockholders proxy statement was in error, where the facts of such opposition may have been material to a stockholders decision to approve the transaction and the omission of such facts rendered the proxy a partial, incomplete disclosure.

  • EMSI Acquisition, Inc. v. RSUI Indem. Co.

    Publication Date: 2018-02-14
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Insurance
    Court: U.S. District Court of Delaware
    Judge: District Judge Stark
    Attorneys: For plaintiff: Philip Trainer, Jr., Ashby & Geddes, Wilmington, DE; Lauren Neal Bennett, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Stephen C. Hackney and Timothy W. Knapp, Kirkland & Ellis, Chicago, IL, attorneys for plaintiff
    for defendant: Michael F. Duggan and Emily Kara Silverstein, Marks O'Neill, O'Brien, Doherty & Kelly, P.C.; Wilmington, DE; Kevin A. Lahm, Walker Wilcox Matousek LLP, Chicago, IL, attorneys for defendant.
    Case Number: D68039

    Major shareholder exclusion under D&O liability policy did not exclude coverage, where exclusion language subject to multiple interpretations and therefore ambiguous, and was accordingly construed against insurer.

  • City of Miami General Employees and Sanitation Employees Retirement Trust v. C&J Energy Ser-vices, Inc.

    Publication Date: 2018-02-07
    Practice Area: Bankruptcy | Damages | Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Stuart M. Grant, Mary S. Thomas, Mark Lebovitch, Jeroen van Kwawegen and Christopher J. Orrico for plaintiff
    for defendant: William M. Lafferty for Nabors defendants; Stephen C. Norman, Michael A. Pittenger, Jaclyn C. Levy, Michael C. Holmes, Craig E. Zieminski, Olivia D. Howe and Meriwether Evans for remaining defendants.
    Case Number: D68033

    Plaintiff was not entitled to an award of fees in connection with a merger price reduction because plaintiff failed to make a claim in the companys bankruptcy proceeding, and it was inequitable to award fees against the estate of one of the shareholders.

  • Law Journal Press | Digital Book

    Massachusetts Legal Ethics & Malpractice 2017

    Authors: James S. Bolan, Sara N. Holden

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  • Weyerhaeuser Co. v. Domtar Corp.

    Publication Date: 2018-01-31
    Practice Area: Contractual Disputes | Mergers and Acquisitions
    Industry: Manufacturing
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Fuentes
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D68029

    Seller waived certain rights under the parties agreement and such waiver was not retracted, because the seller unjustifiably delayed in giving reasonable notice of its intent to retract.

  • Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd.

    Publication Date: 2018-01-17
    Practice Area: Mergers and Acquisitions
    Industry: Hardware | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Valihura
    Attorneys: For plaintiff: Gregory P. Williams, John D. Hendershot, Susan M. Hannigan, Andrew J. Peach, John L. Latham, Su-san E. Hurd, Gidon M. Caine and Charles W. Cox for Dell, Inc.
    for defendant: Stuart M. Grant, Michael J. Barry, Christine M. Mackintosh, Rebecca A. Musarra, Samuel T. Hirzel, II, Melissa N. Donimirski, Lawrence M. Rolnick and Steven M. Hecht for petitioners.
    Case Number: D68009

    In this appraisal proceeding, the trial court erred because its valuation did not flow from the factual findings and was not consistent with accepted financial principles.

  • Lavin v. West Corp.

    Publication Date: 2018-01-10
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Randall J. Baron, David T. Wissbroecker, Christopher H. Lyons and W. Scott Holleman for plaintiff
    for defendant: Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk, Walter C. Carlson, Nilofer I. Umar and Elizabeth Y. Austin for de-fendant.
    Case Number: D68002

    A stockholder was entitled to request books and records to investigate possible breaches of fiduciary duty by corporate officers and directors where the stockholder presented some evidence of mismanagement or wrongdoing.

  • LSVC Holdings, LLC v. Vestcom Parent Holdings, Inc.

    Publication Date: 2018-01-10
    Practice Area: Contractual Disputes | Mergers and Acquisitions
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Lewis H. Lazarus, Stephen C. Hackney and Timothy W. Knapp for plaintiff
    for defendant: William M. Lafferty, Alexandra M. Cumings, Jody C. Barillare, Kevin O'Mara, Kenneth I. Schacter and Michael E. Tracht for defendant.
    Case Number: D68003

    The parties sale agreement permitted the business to claim transactional tax deductions pre-closing, without having to share those deductions with the purchaser.

  • Exelon Generation Acquisitions, LLC v. Deere & Co.

    Publication Date: 2018-01-03
    Practice Area: Contractual Disputes | Mergers and Acquisitions
    Industry: Energy | Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Traynor
    Attorneys: For plaintiff: David J. Margules, Matthew E. Price, Geoffrey A. Kahn and Matthew A. White for Exelon Generation Acquisitions, LLC
    for defendant: Peter J. Walsh, Jr., Matthew F. Davis and Jacob R. Kirkham for Deere & Co.
    Case Number: D67994

    Seller was not entitled to an earn-out payment where the purchaser was unable to develop a wind farm project due to local opposition, but where it later successfully developed a wind farm in another county.