Court of Chancery of Delaware

In an action brought by minority interest holders of a limited liability company seeking specific performance of a right of first refusal with regards to a particular transaction, the court finds that plaintiffs do not have a right of first refusal in connection with the disputed transaction, and that defendants are entitled to rely on "drag along" rights, arising from a later agreement between the parties, to complete the transaction.

Appellate Information

• Decided 06/07/2006
• Published 06/23/2006

Judges

Court

• Court of Chancery of Delaware

Counsel

• For Appellant:
  
• Gregory P. Williams, Esquire, Catherine G. Dearlove, Esquire, Richards Layton & Finger, P.A., Wilmington, Delaware;  Richard J. O'Brien, Esquire, David B. Johnson, Esquire, Danielle J. Carter, Esquire, Sidley Austin LLP, Chicago, Illinois, Attorneys for the Plaintiffs.


• For Appellees:
  
• P. Clarkson Collins, Jr., Esquire, Lewis H. Lazarus, Esquire, Patricia R. Uhlenbrock, Esquire, Morris James Hitchens & Williams LLP, Wilmington, Delaware;  James G. Bullard, Esquire, Nancy A. Wiltgen, Esquire, Leonard Street and Deinard, PA, Minneapolis, Minnesota, Attorneys for the Defendants.