• City of Dearborn Police & Fire Revised Ret. Sys. v. Brookfield Asset Mgmt. Inc.

    Publication Date: 2024-04-08
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Ned Weinberger, Mark Richardson, Brendan W. Sullivan, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Jackson E. Warren, Andrews & Springer LLC, Wilmington, DE; John Vielandi, Labtaton Sucharow LLP, New York, NY; Jeremy Friedman, David Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Douglas E. Julie, W. Scott Holleman, Garam Choe, Julie & Holleman LLP, New York, NY; Brian J. Robbins, Stephen J. Oddo, Robbins LLP, San Diego, CA for appellants.
    for defendant: Kevin G. Abrams, Eric A. Veres, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Stefania D. Venezia, Amanda K. Pooler, Elizabeth M. Sytsma, Tanner S. Stanley, Weil, Gotshal & Manges LLP, New York, NY for appellees.

    Case Number: 241, 2023

    Chancery court erred in reviewing squeeze-out merger under business judgment review where proxy statement failed to disclose potential conflicts of interest of the special committee's financial and legal advisors.

  • Holifield v. XRI Inv. Holdings LLC

    Publication Date: 2023-09-18
    Practice Area: Corporate Entities
    Industry: Consulting | Energy | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Michael W. McDermott, Richard I. G. Jones, Jr., David B. Anthony, Zachary J. Schnapp, Harry W. Shenton, IV, Berger Harris LLP, Wilmington, DE for appellants.
    for defendant: A. Thompson Bayliss, Eric A. Veres, Abrams & Bayliss LLP, Wilmington, DE; Robert N. Hochman, Sidley Austin LLP, Chicago, IL, Margaret Hope Allen, Angela C. Zambrano, Yolanda Cornejo Garcia, Sidley Austin LLP, Dallas, TX; Robin Wechkin, Sidley Austin LLP, Issaquah, WA for appellee.

    Case Number: 407, 2022

    Court declined to disavow jurisprudence holding that parties to an LLC agreement could impose incurable voidness on purported transactions under the agreement since the Delaware Limited Liability Company Act gave broad contractual freedom in an operating agreement.

  • In re Tesla Motors, Inc. Stockholder Litig.

    Publication Date: 2023-06-20
    Practice Area: Mergers and Acquisitions
    Industry: Automotive | Energy | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Jay W. Eisenhofer, Christine M. Mackintosh, Kelly L. Tucker, Vivek Upadhya, Grant & Eisenhofer P.A., Wilmington, DE; Michael Hanrahan, Kevin H. Davenport, Samuel L. Closic, Prickett, Jones & Elliott, P.A., Wilmington, DE; Daniel L. Berger, Grant & Eisenhofer P.A., New York, NY; Lee D. Rudy, Eric L. Zagar, Justice O. Reliford, Matthew Benedict, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Randall J. Baron, David T. Wissbroecker, Robbins Gellar Rudman & Dowd LLP, San Diego, CA for appellants.
    for defendant: David E. Ross, Garrett B. Moritz, Ross Aronstam & Moritz LLP, Wilmington, DE; Evan R. Chesler, Daniel Slifkin, Vanessa A. Lavely, Cravath, Swaine & Moore LLP, New York, NY for appellee.

    Case Number: 181, 2022

    Chancery court correctly found acquisition of company partially owned by controlling stockholder was entirely fair where stockholder recused himself from shareholder vote, the board operated independently, and evidence demonstrated that the acquired company had value from long-term cash flows and was not worthless due to being insolvent.

  • Weinberg v. Waystar, Inc.

    Publication Date: 2023-03-28
    Practice Area: Contractual Disputes
    Industry:
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Steven P. Wood, Andrew S. Dupre, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE for appellant.
    for defendant: Kevin M. Gallagher, Caroline M. McDonough, Richards, Layton & Finger, P.A., Wilmington, DE; Sarah A. Zielinski, Amy Starinieri Gilbert, McGuire Woods LLP, Chicago, IL for appellee.

    Case Number: D70175

    Chancery court correctly interpreted use of "and" in call right provision in employee option agreements as being several rather than conjunctive, where "and" was used in a permissive sentence and a conjunctive interpretation would render other provisions of the agreement surplusage.

  • Daniel v. Hawkins

    Publication Date: 2023-01-31
    Practice Area: Corporate Governance
    Industry: Distribution and Wholesale | Pharmaceuticals
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: David Teklits, Sara Barry, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jeffrey Alan Simes, Goodwin Proctor, LLP, New York, NY for appellants.
    for defendant: Richard I.G. Jones, John G. Harris, Berger Harris LLP, Wilmington, DE for appellees.

    Case Number: 184, 2022

    The court affirmed the trial court's ruling that an irrevocable proxy did not run with majority shares and dismissed appellant's arguments that the court improperly relied on "extrinsic" evidence contained in the proxy's addendum as well as the Third Restatement, finding that the addendum fell within the proxy's four corners and that the law cited from the Third Restatement accurately reflected the same legal principles that were in place at the time the proxy was established.

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    Wrongful Use of Civil Proceedings and Related Torts in Pennsylvania, Second Edition

    Authors: George Bochetto, David P. Heim, John A. O’Connell, Robert S. Tintner

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  • Baldwin v. New Wood Res. LLC

    Publication Date: 2022-08-30
    Practice Area: Corporate Governance
    Industry: Manufacturing
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Sean J. Bellew, Bellew, LLC, Wilmington, DE; Chris L. Gilbert, Gilbert PC, Dallas, TX for appellant.
    for defendant: Richard P. Rollo, Travis S. Hunter, Renée Mosley Delcollo, Richards Layton & Finger, P.A., Wilmington, DE for appellee.

    Case Number: D69938

    Superior court erred in granting LLC judgment on claw back of indemnification where it failed to address defendant's allegations of bad faith by LLC in determining defendant's non-entitlement to indemnification.

  • Stream TV Networks, Inc. v. SeeCubic, Inc.

    Publication Date: 2022-06-28
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Andrew S. Dupre, Brian R. Lemon, Steven P. Wood, Sarah E. Delia, Stephanie H. Dallaire, McCarter & English, LLP, Wilmington, DE for appellants.
    for defendant: Robert S. Saunders, Jenness E. Parker, Bonnie W. David, Lilianna Anh P. Townsend, Trevor T. Nielson, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Eben P. Colby, Marley Ann Brumme, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA for appellee.

    Case Number: D69864

    Board committee action approving omnibus agreement moving company's assets into a "NewCo" was invalid where company's charter required approval of one class of shareholders for "asset transfers."

  • Brookfield Asset Mgmt., Inc. v. Rosson

    Publication Date: 2021-10-06
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Kevin G. Abrams, Eric A. Veres, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; John A. Neuwirth, Stefania D. Venezia, Amanda K. Pooler, Weil, Gotshal & Manges LLP, New York, NY for appellants.
    for defendant: Ned Weinberger, Derrick Farrell, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrews & Springer LLC, Wilmington, Delaware; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for appellees.

    Case Number: D69560

    Court overruled the Gentile carve-out doctrine where it created analytical tension with Tooley and other legal doctrines permitted stockholders to pursue direct claims for fiduciary breaches.

  • In re Solera Ins. Coverage Appeals

    Publication Date: 2020-11-11
    Practice Area: Insurance Law
    Industry: Insurance | Software
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: John L. Reed, Matthew Denn, Peter H. Kyle, Kelly L. Freund, DLA Piper LLP, Wilmington, DE; Gregory F. Fischer, Cozen O’Connor, Wilmington, DE; Angelo G. Savino, Cozen O’Connor, New York, NY; Kurt M. Heyman, Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Scott B. Schrieber, James W. Thomas, Jr, William C. Purdue, Jennifer Wieboldt, Arnold & Porter Kay Scholer LLP , Washington, DC; R. Reeves Anderson, Arnold & Porter Kay Scholer LLP, Denver, CO for appellants.
    for defendant: David J. Baldwin, Berger Harris LLP, Wilmington, DE; Peter M. Gillon, Alexander D. Hardiman, Tamara D. Bruno, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC for appellee.

    Case Number: D69186

    A statutory appraisal action under 8 Del. C. §262 did not constitute a securities claim, so excess insurers were entitled to summary judgment. Reversed.

  • Windsor I, LLC v. CWCapital Asset Mgmt. LLC

    Publication Date: 2020-09-23
    Practice Area: Deals and Transactions
    Industry: Financial Services and Banking | Real Estate
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D69133

    Plaintiff failed to state claims for promissory estoppel and unjust enrichment in connection with a proposed transaction which never materialized. Affirmed.