Court of Chancery of Delaware

In a suit brought by a New York limited liability company against a Delaware corporation and its board chairman seeking registration of a transfer to the LLC of shares of the corporation's stock, as well as recognition of its right to exercise the powers of a stockholder, defendants' motions to stay or dismiss and for entry of judgment are denied and granted, respectively, where: 1) the defendants could no longer demonstrate the existence of a "prior action;" 2) even if New York litigation was a "prior action" under McWane, a stay or dismissal would not be warranted; and 3) however, defendants' proposed order provided a just and equitable resolution of the present suit.

Appellate Information

• Decided 10/25/2006
• Published 11/06/2006

Judges

Court

• Court of Chancery of Delaware

Counsel