Court of Chancery of Delaware

Following trial in a class action brought by a minority stockholder challenging a certain merger and bringing a statutory appraisal claim, the court awards damages to the class and certain stockholders pursuant to a finding that the merger process between a controlling stockholder and the subsidiary was marked with grave examples of unfairness, and led to a plainly unfair price for the transaction at issue. However, one defendant is found to be protected from personal liability by the subsidiary corporation's 8 Del. C. section 102(b)(7) provision.

Appellate Information

• Decided 05/18/2006
• Published 05/30/2006

Judges

Court

• Court of Chancery of Delaware

Counsel

• For Appellant:
  
• Joseph A. Rosenthal, Esquire, Jessica Zeldin, Esquire, Rosenthal Monthait & Goddess P.A., Wilmington, Delaware;  Harold B. Obstfeld, Esquire, Harold B. Obstfeld P.C., New York, New York, Attorneys for the Plaintiff and Petitioner.


• For Appellees:
  
• Daniel A. Dreisbach, Esquire, Elizabeth C. Tucker, Esquire, Richards, Layton & Finger, P.A., Wilmington, Delaware;  David J. Cynamon, Esquire, Matthew A. Anzaldi, Esquire, Pillsbury Winthrop Shaw Pittman LLP, Washington, D.C., Attorneys for Defendants IIC Industries Inc., CP Holdings Limited, Kenyon Phillips Acquisition, LLC, Bernard Shreier, John Smith, Robert M. Levy, and Robert Glatter., Stephen C. Norman, Esquire, Melony R. Anderson, Esquire, Potter Anderson & Corroon, Wilmington, Delaware, Attorneys for Defendant Alfred L. Simon.