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July 31, 2013 |

Court Denies Bid to Derail $116 Mil. Sale of Morton's

The Delaware Court of Chancery has dismissed a lawsuit filed by shareholders of Morton's Restaurant Group Inc., who alleged that the steakhouse chain's directors undervalued the company when they sold it to billionaire Tilman Fertitta for $116.6 million in 2012. In dismissing the case, the court held that the directors had shopped for the best possible price and the sale was approved by a board of disinterested directors.
5 minute read
July 31, 2013 |

Fiat Wins Valuation Victory in Chancery Court

Italian car manufacturer Fiat SpA won a partial but critical victory in the Delaware Court of Chancery on Tuesday when the court ruled that it correctly interpreted that a $4.6 billion promissory note issued by Chrysler, a company in which Fiat owns a 41.5 percent stake, should be counted as debt. However, the court held that more discovery was needed to resolve other matters such as the final determination on price of shares issued to a health care trust that Fiat sought to acquire.
5 minute read
August 07, 2013 |

Board Didn't Breach Fiduciary Duties in $1.9 Bil. Buyout

The board of a national security technology company did not breach its fiduciary duties when it approved a $1.9 billion acquisition by a private equity company because there was no evidence it acted in bad faith, the Delaware Court of Chancery has ruled.
4 minute read
September 04, 2013 |

Debtors Have Burden of Proof in Bankruptcy Dismissal Hearings

Debtors seeking to dismiss a challenge by creditors to a bankruptcy reorganization under the equitable mootness doctrine have the burden of proving that the appeal should be denied, the U.S. Court of Appeals for the Third Circuit has ruled in a precedential opinion. The appellate court issued the opinion when it held that the evidentiary record did not support a federal judge's decision to dismiss creditors' appeal of an oil company's restructuring plan under the equitable mootness doctrine.
4 minute read
December 23, 2009 |

Balance Among Practices Helps State Chug Through Downturn

This has been a rough year economically speaking, and the legal business has not been immune, beset by layoffs and dissolutions, as happened to Philadelphia firm Wolf Block this spring.
6 minute read
March 11, 2013 |

Poison Pill Not Preclusive in $123 Mil. BioClinica Merger

The Delaware Court of Chancery has denied a motion by shareholders of Pennsylvania-based BioClinica Inc. to expedite their lawsuit against the company, holding that the company did not adopt preclusive deal protection measures when it agreed to a $123 million buyout from JLL Partners Inc.
4 minute read
May 26, 2000 |

Pimco Shareholder Settlement Nets $1.5 Million For Attorneys

Pimco Advisors Holdings settled several lawsuits filed by some of the company's unitholders, who claimed they were being shortchanged in a $4 billion buyout of the bond-fund manager by European insurer Allianz AG. The final settlement has Pimco unitholders dropping the suits in exchange for the partnership slashing the deal's $180 million breakup fee by $60 million, and nets them attorneys fees of $1.5 million.
2 minute read
August 21, 2013 |

Strine Orders Dell to Hold October Shareholder Meeting

Delaware Court of Chancery Chancellor Leo E. Strine Jr. has ordered computer maker Dell Inc. to hold its annual shareholder meeting October 17.
5 minute read
April 21, 2011 |

New Deals

Container and packaging company Silgan Holdings Inc. announced it will acquire Graham Packaging Company Inc. in a deal valued at $4.1 billion, including net debt. Also, Chesapeake Energy Corporation has agreed to purchase Bronco Drilling Company in a $315 million deal that will add 22 drilling rigs to the company's portfolio.
4 minute read
August 04, 2010 |

Great Recession Leaves Its Mark on Del. Legal Market

A recent survey of law firms found that more than 75 percent believe that pricing pressure, alternative fee arrangements and efficiency measures will remain part of the legal business even after the Great Recession has faded to a painful memory.
6 minute read

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