Court of Chancery of Delaware

In a shareholder action for rescission of an agreement between defendants and another financial corporation regarding issuance of preferred stock, judgment is to be entered for defendants where the transaction at issue was validly approved by defendant's board of directors and was not void ab initio as ultra vires.

Appellate Information

• Decided 12/22/2005
• Published 12/22/2005

Judges

Court

• Court of Chancery of Delaware

Counsel

• For Appellant:
  
• C. Barr Flinn, Esquire, Richard H. Morse, Esquire, Danielle Gibbs, Esquire, Kevin M. Baird, Esquire, Glenn C. Mandalas, Esquire, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware, Attorneys for Plaintiff Benihana of Tokyo, Inc.


• For Appellees:
  
• Gregory V. Varallo, Esquire, Lisa M. Zwally, Esquire, Richards Layton & Finger, P.A., Wilmington, Delaware;  C. Thomas Tew, Esquire, Dennis Nowak, Esquire, Jeffrey Tew, Esquire, Tew Cardenas, LLP, Miami, Florida, Attorneys for Defendants Benihana, Inc., Norman Becker, Darwin Dornbush, Max Pine, Yoshihiro Sano, Joel Schwartz, Robert B. Sturges and Takanori Yoshimoto., John G. Harris, Esquire, Reed Smith LLP, Wilmington, Delaware;  Alan K. Cotler, Esquire, Reed Smith LLP, Philadelphia, Pennsylvania;  Alan H. Fein, Esquire, Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., Miami, Florida, Attorneys for Defendants BFC Financial Corporation and John E. Abdo.