• Bandera Master Fund, LP v. Boardwalk Pipeline Partners, LP

    Publication Date: 2021-11-30
    Practice Area: Contracts
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, J. Peter Shindel, Jr., Daniel G. Paterno, Eric A. Veres, Samuel D. Cordle, Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: Srinivas M. Raju, Blake Rohrbacher, Matthew D. Perri, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Rolin P. Bissell, Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Stephen P. Lamb, Andrew G. Gordon, Harris Fischman, Robert N. Kravitz, Carter E. Greenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Lawrence Portnoy, Charles S. Duggan, Gina Cora, Davis Polk & Wardwell LLP, New York, NY, for defendants.

    Case Number: D69622

    The court held that the General Partner breached the partnership agreement by exercising the call right without first satisfy-ing the Opinion Condition or the Acceptability Condition.

  • In Re: Altaba, Inc.

    Publication Date: 2021-10-27
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Paul J. Lockwood, Arthur R. Bookout, Matthew P. Majarian, Kathryn S. Bartolacci, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; David E. Ross, Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: Michael A. Pittenger, Berton W. Ashman, Jr., David A. Seal, Potter Anderson & Corroon LLP, Wilmington, DE; William Savitt, Adam M. Gogolak, Wachtell, Lipton, Rosen & Katz, New York, NY for claimants.

    Case Number: D69582

    During the process of sale and dissolution, company failed to provide sufficient security to cover potential indemnification claims incurred by buyer.

  • In re Cellular Tel. P'ship Litig.

    Publication Date: 2021-10-13
    Practice Area: Corporate Entities
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Carmella P. Keener, Cooch and Taylor, P.A., Wilmington, DE; Thomas R. Ajamie, David S. Siegel, Ryan van Steenis, Ajamie LLP, Houston, TX; Michael A. Pullara, Houston, Texas; Marcus E. Montejo, Kevin H. Davenport, John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE for plaintiffs
    for defendant: Maurice L. Brimmage, Jr., Akin Gump Strauss Hauer & Feld LLP, Dallas, TX; Todd C. Schiltz, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; William M. Connolly, Faegre Drinker Biddle & Reath LLP, Philadelphia, PA; Zoë K. Wilhelm, Faegre Drinker Biddle & Reath LLP, Los Angeles, CA for defendants.

    Case Number: D69570

    Court declined to award dissociation damages where controlling partner failed to comply with provisions of agreement between partnership and another affiliate of the controlling partner, but where such failure did not constitute a breach of the partnership agreement.

  • Hawkins v. Daniel

    Publication Date: 2021-09-08
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Richard I. G. Jones, Jr., John G. Harris, Berger Harris LLP, Wilmington, DE for plaintiff.
    for defendant: David J. Teklits, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jeffrey Alan Simes, Goodwin Procter LLP, New York, NY for defendant.

    Case Number: D69526

    Court declined to dismiss case in favor of previously-filed action involving the parties, where the present case involved distinct issues and the previously-filed action was heading to trial, such that dismissing the present case would not serve judicial economy by forcing the previously-filed action to return to the pleadings stage.

  • Florida Chem. Co., LLC v. Flotek Indus., Inc.

    Publication Date: 2021-09-01
    Practice Area: Contractual Disputes
    Industry: Chemicals and Materials | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Kevin R. Shannon, Christopher N. Kelly and Daniel M. Rusk, IV, Potter Anderson & Corroon LLP, Wilmington, DE; William C. O’Neil, Joanna R. Travalini, Adam J. Smith, Winston & Strawn LLP, Chicago, IL for plaintiffs.
    for defendant: A. Thompson Bayliss, J. Peter Shindel, Adam K. Schulman, Abrams & Bayliss LLP, Wilmington, DE; Layne E. Kruse, Joy Soloway, Kelly Potter, Norton Rose Fulbright US LLP, Houston, TX for defendants.

    Case Number: D69522

    Seller's subsidiary was bound to a forum selection clause based on estoppel, even though it was not a signatory to the sale agreement.

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  • Cont'l Investors Fund LLC v. TradingScreen Inc.

    Publication Date: 2021-08-18
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Kevin G. Abrams, John M. Seaman, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Brian C. Ralston, Jaclyn C. Levy, Callan R. Jackson, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: D69503

    Company did not breach its obligations under stock redemption agreement when it initially declined to redeem all of participating stockholders' shares, where company's directors engaged in reasonable, good faith analysis that led the directors to conclude that redeeming all participating shares could jeopardize company's status as going concern.

  • Wilmington Trust Co. v. Mills

    Publication Date: 2021-07-14
    Practice Area: Trusts and Estates
    Industry: Non-Profit
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Vincent C. Thomas, Kevin A. Guerke, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for petition-er.
    for defendant: P. Clarkson Collins, Jr., James J. Gallagher, Bryan Townsend, Morris James LLP, Wilmington, DE for re-spondent Mills. Matthew P. D’Emilio, Joseph L. Christensen, Kerry M. Porter, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE for James B. Wyeth, executor of the Estate of Phyllis Mills Wyeth. W. Donald Sparks, II, Chad M. Shandler, Christine D. Haynes, Richards, Layton & Finger, P.A., Wilmington, DE for The Wyeth Foundation.

    Case Number: D69469

    A trust agreement did not authorize the holder of a power of appointment to exercise it in favor of a chari-table organization, so the court invalidated the appointment.

  • In re: Appraisal of Regal Ent. Group

    Publication Date: 2021-06-02
    Practice Area: Mergers and Acquisitions
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; David J. Margules, Elizabeth A. Sloan, Ballard Spahr LLP, Wilmington, DE; Thomas E. Redburn, Jr., Maya Ginsburg, Lowenstein Sandler LLP, New York, NY for petitioners.
    for defendant: Robert S. Saunders, Jenness E. Parker, Lauren N. Rosenello, Kaitlin E. Maloney, Justin C. Barrett, Andrew D. Kinsey, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for respondents.

    Case Number: D69419

    In this statutory appraisal proceeding, the court relied on the deal price minus synergies, and then added value connected with changes which occurred between the time of the merger agreement and the closing date.

  • Goldenberg v. Immunomedics, Inc.

    Publication Date: 2021-05-05
    Practice Area: Contractual Disputes
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Richard P. Rollo, Susan M. Hannigan, John T. Miraglia, Richards, Layton & Finger, P.A., Wilmington, DE; Naveen Modi, Paul Hastings LLP, Washington, DC; Eric W. Dittmann, Joshua M. Bennett, Paul Hastings LLP, New York, NY for plaintiff.
    for defendant: David J. Teklits, Kevin M. Coen, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Michael E. Swartz, Schulte Roth & Zabel LLP, New York, NY for defendant.

    Case Number: D69387

    Where the court in a prior proceeding dismissed plaintiff's contempt motion and ordered him to file a new proceeding, dismissal of the second contempt matter was inequitable.

  • In re: Forum Mobile, Inc.

    Publication Date: 2021-04-07
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Jeremy D. Anderson, Fish & Richardson, P.C., Wilmington, DE for petitioner.
    for defendant: N/A

    Case Number: D69353

    Delaware had a public policy interest in preventing the use of Delaware entities to circumvent federal se-curities laws, so the court appointed an amicus curiae to provide an independent review before ruling on the pending petition.