• RCS Creditor Trust v. Schorsch

    Publication Date: 2021-03-31
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, Ashby & Geddes, Wilmington, DE; John P. Coffey, Gregory A. Horo-witz, Jeffrey S. Trachtman, Leah S. Friedman, Kramer Levin Naftalis & Frankel LLP, New York, NY for plain-tiff.
    for defendant: Daniel A. Mason, Paull, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Allan J. Arffa, Gregory F. Laufer of Paull, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.

    Case Number: D69348

    The court granted summary judgment because a corporate controller did not breach his fiduciary duty by making a business decision regarding how he would vote his shares.

  • Lacey v. Mota-Velasco

    Publication Date: 2021-02-24
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Peter B. Andrew, Craig J. Springer, David Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, Spencer Oster, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: William M. Lafferty, John P. DiTomo, Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnell LLP, Wilming-ton, DE; Bradley J. Benoit, Bryan Dumesnil, Bracewell LLP, Houston, TX; Srinivas M. Raju, Andrew J. Peach, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; Steven R. Selsberg, S. Sels-berg Law, PLLC, Houston, TX; Sylvia A. Mayer, S. Mayer Law PLLC, Houston, TX; Peter J. Walsh, Jr., Mat-thew F. Davis, Elizabeth M. Taylor, Potter Anderson & Corroon LLP, Wilmington, DE; Robert J. Giuffra, Jr., David M.J. Rein, Matthew A. Peller, Y. Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defend-ants.

    Case Number: D69305

    The court granted defendant directors' motion to dismiss a breach of contract claim because plaintiff's claim was essentially one for breach of fiduciary duty.

  • Durham v. Grapetree, LLC

    Publication Date: 2021-01-27
    Practice Area: Corporate Governance
    Industry: Hospitality and Lodging
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Andrew C. Durham, plaintiff pro se.
    for defendant: John G. Harris, Berger Harris LLP, Wilmington, DE for defendant.

    Case Number: D69270

    LLC member's breach of fiduciary duties arising from alleged violation of member's perquisite could not be brought directly against company where contractual agreement to provide the perquisite was issued by the managing members and not from the company.

  • Richardson v. Clark

    Publication Date: 2021-01-27
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kevin H. Davenport, Samuel L. Closic, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Frank R. Schirripa, Daniel B. Rehns, Hach Rose Schirripa & Cheverie LLP, New York, NY for plaintiff.
    for defendant: A. Thompson Bayliss, Joseph A. Sparco, Abrams & Bayliss LLP, Wilmington, DE; Scott P. Drake, Norton Rose Fulbright US LLP, Dallas, TX; Peter A. Stokes, Norton Rose Fulbright US LLP, Austin, TX for defend-ants.

    Case Number: D69273

    A company's directors failed to adequately address problems identified by federal regulators, but their conduct did not amount to bad faith.

  • Great Hill Equity Partners IV, LP v. SIG Growth Equity Fund I, LLLP

    Publication Date: 2021-01-20
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rudolf Koch, Robert L. Burns, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Adam Slutsky, Goodwin Procter LLP, Boston, MA for plaintiffs.
    for defendant: William B. Chandler III, Ian R. Liston, Jessica A. Hartwell, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Mark A. Kirsch, Scott A. Edelman, Aric H. Wu, Laura K. O’Boyle, Peter Wade, Gibson, Dunn & Crutcher LLP, New York, NY; Lewis H. Lazarus Morris James LLP, Wilmington, DE; Peter N. Flocos, Joanna A. Diakos, K&L Gates LLP, New York, NY; David S. Eagle, Sean M. Brennecke, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE; Michael K. Coran, William T. Hill, Monica Clarke Platt, Gregory R. Sellers, Klehr Harrison Harvey Branzburg LLP, Philadelphia, PA for defendants.

    Case Number: D69263

    Contractual fee shifting denied where plaintiffs prevailed on certain theories but recovery of minimal damages meant that neither side qualified as a "prevailing party" and equity did not warrant shifting of fees.

  • Pascal v. Czerwinski

    Publication Date: 2020-12-30
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: David A. Jenkins, Neal C. Belgam, Smith Katzenstein & Jenkins LLP, Wilmington, DE for plaintiff.
    for defendant: Kenneth J. Nachbar, Zi-Xiang Shen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Susan M. Han-nigan, Richards Layton & Finger, P.A., Wilmington, DE for defendants.

    Case Number: D69242

    A proxy statement involving an equity incentive plan did not contain materially deficient language, so the court granted defendants' motion to dismiss plaintiff's direct claim for breach of fiduciary duty.

  • Perryman v. Stimwave Tech. Inc.

    Publication Date: 2020-12-23
    Practice Area: Fee Disputes
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Steven L. Caponi, Matthew B. Goeller, K&L Gates LLP, Wilmington, DE; Justin H. Roeber, Thomas A. Warns, K&L Gates LLP, New York, NY for petitioners.
    for defendant: Richard P. Rollo, Kevin M. Gallagher, Travis S. Hunter, Angela Lam, Nicole M. Henry, Christian C.F. Rob-erts, Richards, Layton & Finger, P.A., Wilmington, DE for respondent.

    Case Number: D69233

    One of the petitioners had a valid advancement right against the company for litigation expenses relating to his status as a director of the company, but the other petitioner's basis for advancement was void.

  • Seiff v. Tokenize Inc.

    Publication Date: 2020-12-02
    Practice Area: Fee Disputes
    Industry: E-Commerce
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: John M. Seaman, Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: P. Clarkson Collins, Jr., Albert J. Carroll, Morris James LLP; Brian J. Capitummino, Woods Oviatt Gilman LLP, New York, NY for defendant.

    Case Number: D69211

    Pursuant to the terms of a written agreement, plaintiffs were entitled to advancement of litigation expenses even though the company dismissed the case prior to service of the complaint.

  • Lipman v. GPB Capital Holdings LLC

    Publication Date: 2020-12-02
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Marcus E. Montejo, Stephen D. Dargitz, Prickett, Jones & Elliott, P.A., Wilmington, DE; Chet B. Waldman, Adam J. Blander, Wolf Popper LLP, New York, NY for plaintiffs.
    for defendant: Patricia L. Enerio, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Tab K. Rosenfeld, Steven M. Kaplan, Nicole E. Meyer. Rosenfeld & Kaplan, LLP, New York, NY for defendants GPB Capital Holdings LLC and nominal defendants GPB Holdings II, LP and GPB Automotive Portfolio, LP. Jacob R. Kirkham, Kobre & Kim LLP, Wilmington, DE; William McGovern, Leif T. Simonson, Kobre & Kim LLP, New York, NY for defendant Gentile. Michael W. McDermott, Richard I.G. Jones, Jr., Berger Harris LLP, Wil-mington, DE; Jeffrey Schreiber, Richard J. Jancasz, Meister Seelig & Fein LLP, New York, NY for defendant Schneider. David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Kevin D. Galbraith, Law Office of Kevin Galbraith, LLC, New York, NY for defendant Lash.

    Case Number: D69209

    Plaintiffs adequately stated claims for breach of fiduciary duty as to the controller and general partner of two limited partnerships.

  • In re TerraForm Power, Inc. Stockholders Litig.

    Publication Date: 2020-11-18
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Derrick Farrell, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, Davis M. Sborz, Andrews & Springer LLC, Wilmington DE; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiffs.
    for defendant: 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; Brian C. Ralston, Seth R. Tangman, Caneel Radinson-Blasucci, Potter Anderson & Corroon LLP, Wilmington, DE; Daniel M. Sullivan, Holwell Shuster & Goldberg LLP, New York, NY for defendants.

    Case Number: D69192

    Court declined to disregard precedent set forth in Gentile v. Rosette where present case involved, as it did in Gentile, a corporate controller's actions to cause the corporation to issue stock for insufficient consideration such that the controller could increase its stake in the company at the expense of the public minority stockholders, allowing those stockholders to pursue direct claims.