Supreme Court of Delaware

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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.

Appellate Information

  • Decided 03/03/2008
  • Published 03/03/2008

Judges

  • JACOBS, Justice:, Before HOLLAND, BERGER and JACOBS, Justices.

Court

  • Supreme Court of Delaware

Counsel

  • 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.
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