• Intrepid Inv., LLC v. London Bay Capital, LLC

    Publication Date: 2023-07-03
    Practice Area: Creditors' and Debtors' Rights
    Industry: Financial Services and Banking | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Cook
    Attorneys: For plaintiff: C. Barr Flinn, James M. Yoch, Jr., M. Paige Valeski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for plaintiff.
    for defendant: Brock E. Czeschin, Angela Lam, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Patricia L. Enerio, Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; John M. Lundin, Niall D. Ó Murchadha, Cynthia L. Botello, Lundin PLLC, New York, NY; John A. Sensing, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: 12077-NAC

    Adverse judgment in related action between the parties did not compel dismissal of plaintiff's aiding and abetting breach of fiduciary duty and unjust enrichment claims where those claims went beyond the scope of the intercreditor agreement that another state's court concluded precluded plaintiff from recovering for default on its note.

  • LCT Capital, LLC v. NGL Energy Partners LP

    Publication Date: 2023-07-03
    Practice Area: Contracts
    Industry: Energy | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Clark
    Attorneys: For plaintiff: John L. Reed, Daniel P. Klusman, Peter H. Kyle, DLA Piper, LLP, Wilmington, DE; Michael D. Hynes, Emma Kramer Jones, DLA Piper, New York, NY; Benjamin D. Schuman, Ellen E. Dew, DLA Piper, LLP, Baltimore, MD for plaintiff.
    for defendant: Steven T. Margolin, Lisa Z. Brown, Samuel L. Moultrie, Bryan T. Reed, Greenberg Traurig LLP, Wilmington, DE; Hal S. Shaftel, Daniel Friedman, Greenberg Traurig LLP, New York, NY for defendants.

    Case Number: N15C-08-109 JJC CCLD

    Court declined to award prevailing plaintiff reimbursement of special discovery master and mediation fees where such fees fell within the category of pre-trial costs that each party was expected to bear on its own, as there was no evidence that defendant acted in bad faith or engaged in litigation misconduct.

  • In re: Mabvax Therapeutics Holdings, Inc.

    Publication Date: 2023-06-27
    Practice Area: Bankruptcy
    Industry: Biotechnology | Investments and Investment Advisory
    Court: U.S. Bankruptcy Court
    Judge: Judge Dorsey
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 19-10603 (JTD)

    Plan administrator who was former common stockholder was not obligated to be disinterested and did not have interests unaligned with those of former preferred stockholders in recovering assets belonging to debtors.

  • In re: Samson Res. Corp.

    Publication Date: 2023-06-27
    Practice Area: Bankruptcy
    Industry: Investments and Investment Advisory
    Court: U.S. Bankruptcy Court
    Judge: Judge Shannon
    Attorneys: For plaintiff: Michael J. Farnan, Farnan LLP, Wilmington, DE; J. Christopher Shore, Colin T. West, White & Case, LLP, New York, NY for plaintiff.
    for defendant: Michael S. Neiberg, Young, Conaway, Stargatt & Taylor, LLP, Wilmington, DE; Sabina Willett, Morgan Lewis & Bockius LLP, Boston, MA; David M. Stern, KTBS Law LLP, Los Angeles, CA for defendants.

    Case Number: 15-11934 (BLS)

    Suit to recover proceeds of the sale of debtor as a fraudulent transfer failed where the acquisition negotiations were fair and conducted at arms-length, since the seller was entitled to sell the company for as much as they could get and the buyer was free to negotiate what it considered a fair price, even though in hindsight the purchase price seemed overinflated as it placed an unsustainable amount of debt on the company.

  • 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.

  • Braga Inv. & Advisory, LLC v. Yenni

    Publication Date: 2023-06-13
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Blake Rohrbacher, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; David Lackowitz, Alexandra Kolod, Moses & Singer LLP, New York, NY for plaintiff.
    for defendant: Julia B. Klein, Klein LLC, Wilmington, DE; Justin S. Stern, Frigon Maher & Stern LLP, New York, NY; Francis G.X. Pileggi, Cheneise V. Wright, Lewis Brisbois Bisgaard & Smith LLP, Wilmington, DE for defendants.

    Case Number: 2019-0408-PAF

    Investor's fraudulent inducement claim failed where it was advised or had reason to know that a proposed operating agreement would be revised yet it never requested to see a copy of the final version before signing.

  • Optimiscorp v. Atkins

    Publication Date: 2023-06-13
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Theodore A. Kittila, William E. Green, Jr., Halloran Farkas + Kittila LLP, Wilmington, DE for plaintiff.
    for defendant: Stephen B. Brauerman, Sarah T. Andrade, Megan A. McGovern, Bayard, PA, Wilmington, DE for defendant.

    Case Number: 2020-0183-MTZ

    Stockholders who pursued a derivative claim breached fiduciary duties to company by withholding the award in that claim, since derivative plaintiffs served as company agents rather than directors entitled to have their conduct reviewed under gross negligence or business judgment rule standards.

  • In re: Healthcare Real Estate Partners, LLC

    Publication Date: 2023-05-30
    Practice Area: Bankruptcy
    Industry: Investments and Investment Advisory | Real Estate
    Court: U.S. Bankruptcy Court
    Judge: Judge Goldblatt
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 15-11931 (CTG)

    Debtor could recover reasonable legal costs incurred in dismissing involuntary petition filed by creditors to trigger their contractual rights to remove debtor from management role, rather than recover their claims against debtor's estate, but debtor suffered no lost profits damages where it was already an effectively defunct business at the time of the petition.

  • In re Edgio, Inc. Stockholders' Litig.

    Publication Date: 2023-05-16
    Practice Area: Mergers and Acquisitions | Telecommunications
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Jeremy Friedman, David Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiffs.
    for defendant: Rudolf Koch, Kyle H. Lachmund, John M. O’Toole, Kevin M. Kidwell, Richards Layton & Finger, P.A., Wilmington, DE; Deborah Birnbach, Tucker DeVoe, Goodwin Procter LLP, Boston, MA for defendants.

    Case Number: 2022-0624-MTZ

    Corwin cleansing could not apply to injunctive relief claim against entrenching/defensive measures in stockholders' agreement, and plaintiffs alleged sufficient facts to support inference that company board negotiated those measures for itself to protect against stockholder activism.

  • O'Hern v. Vida Longevity Fund, LP

    Publication Date: 2023-05-16
    Practice Area: Securities Litigation
    Industry: Insurance | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Fallon
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 21-402-SRF

    Court granted final approval to a class securities action settlement that provided substantial relief to the class, given the inherent risks that would be faced by taking the case to trial.