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New Developments: Chapter 16
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Subscribe to this blog's feed. August 08, 2007. Delaware Court of Chancery on books and records inspection. The Delaware Court of Chancery has denied stockholder inspection of three letters on the grounds that the stockholder does not have a proper purpose and that, even if the purpose were proper, the letters are confidential and the harm from disclosure would outweigh the benefits. In. Pershing Square, L.P. v. Ceridian Corp. Second, it makes a nice contrast with. Casebook Supplement), which is replacing.
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New Developments: Archives
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New Developments: Chapter 15
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Subscribe to this blog's feed. July 21, 2008. Delaware Supreme Court on stockholder adopted bylaws. The Delaware Supreme Court has held that that a stockholder-proposed bylaw that requires reimbursement to dissidents who elect a short slate of directors is a proper subject for stockholder action and might cause the company to violate Delaware law. CA, Inc. v. AFSCME Employees Pension Plan. Listen to oral argument here. Justice Jacobs is clear that defining the processes and procedures by which decision a...
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New Developments: Chapter 09
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Subscribe to this blog's feed. September 18, 2006. Delaware court of chancery on Schnell and advance notice bylaw. The Delaware Court of Chancery has refused to invoke the. Doctrine to invalidate the announcement of the annual meeting of stockholders that was given in a way intended to limit the rights of some stockholders and that precluded a contested election for the board. In. Accipiter Life Sciences Fund v. Helfer. An associate at LifePoint’s outside counsel, Waller Lansden in. Read the press releas...
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New Developments: Chapter 11
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Subscribe to this blog's feed. March 25, 2009. Delaware Supreme Court on good faith and the duty of loyalty in a Revlon setting. The Delaware Supreme Court, sitting. Has held that the Court of Chancery erred when it ruled that liability for breach of the duty of loyalty in a bad faith context could be imposed without a showing of intent. Lyondell Chemical Co. v. Ryan. Justice Berger, speaking for a unanimous court, first described the. Case on bad faith and. Wasn’t met but it’s obviously important to det...
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New Developments: Chapter 13
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Subscribe to this blog's feed. August 01, 2007. North Carolina Court of Appeals on director conflict of interest safe harbor. Geitner v. Mullins. Posted by Eric Chiappinelli. At 11:35 AM in Chapter 13. March 27, 2007. Maryland Court of Appeals on duty of loyalty when director sues corporation. The Court of Appeals of Maryland has held that a director did not breach his fiduciary duty when he remained silent after he knew that the corporation had no actual knowledge that he had taken a default judgment ag...
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New Developments: Chapter 07
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Subscribe to this blog's feed. November 02, 2006. Virginia Supreme Court on transfer restrictions. The Supreme Court of Virginia has upheld a restriction on transfer that provided that an employee’s ownership of shares ends immediately upon cessation of employment for any reason. In. Barber v. VistaRMS, Inc. The forfeiture provision is clearly a restriction on transfer and thus certainly comes within the ambit of the. Harrison v. NetCentric Corp. Casebook page 229) and. Casebook page 233). My own sen...
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New Developments: Chapter 17
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Subscribe to this blog's feed. October 19, 2006. Wyoming Supreme Court on minority discount in determining fair value. The Wyoming Supreme Court has held that a minority discount is impermissible in calculating the fair value of a dissenting shareholder’s shares. In. Brown v. Arp and Hammond Hardware Co. Justice Burke held that a minority discount should not be applied. The. Wyoming adopted the MBCA. Later, however, the Delaware Supreme Court decided. Cavalier Oil Corp. v. Harnett. August 08, 2006. Doctr...
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New Developments: Chapter 06
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Subscribe to this blog's feed. November 22, 2007. Supreme Court of Missouri on cancelled shares. The Supreme Court of Missouri has erroneously held that put options may be exercised even after the underlying shares have been cancelled. In. Weinstein v. KLT Telecom, Inc. The shares, though worthless, do in fact exist, and they were tendered to [KLT] through the escrow agent. Posted by Eric Chiappinelli. At 01:29 AM in Chapter 06.