MBKS Co. Ltd. v. Reddy, 300, 2007
In an action challenging whether certain actions by defendant constituted a cancellation of shares, summary judgment for plaintiffs is affirmed where: 1) defendant failed to make a prima facie showing that a 1996 distribution agreement was a preexisting valid and enforceable agreement to transfer plaintiffs-companies' shares; and 2) the Court of Chancery correctly concluded that defendant's action amounted to a cancellation of stock followed by the issuance of new shares to different shareholders.
- Decided 03/03/2008
- Published 03/03/2008
- JACOBS, Justice:, Before HOLLAND, BERGER and JACOBS, Justices.
- Supreme Court of Delaware
- For Appellant:
- Kathleen M. Miller and Joelle E. Polesky (argued), Esquires, of Smith, Katzenstein & Furlow, LLP, Wilmington, Delaware; for Appellant.
- For Appellees:
- Arthur G. Connolly, III and Henry E. Gallagher, Jr., Esquires, of Connolly, Bove, Lodge & Hutz LLP, Wilmington, Delaware; Of Counsel: Peter J. Kahn and Edward C. Reddington (argued), Esquires, of Williams & Connolly LLP, Washington, D.C.; for Appellees.