M3 Healthcare Solutions v. Family Practice Associates, P.A., No. 691-2009 (Del. Supr. May 28, 2010), read opinion here. The specific issue decided in this case is whether an arbitration award should be modified, vacated or corrected. The Supreme Court determined that the arbitration award should not be modified, and thus affirmed the judgment of the Court
May 2010
Complaint v. BP Filed in Delaware Court of Chancery
By Francis Pileggi on
Posted in Court of Chancery Updates
Though this is not "breaking news", many readers may be interested in a derivative suit that was filed in Delaware Chancery Court involving BP and several other parties involved in the huge oil spill that is still unfolding in the Gulf of Mexico here.
Supplement: Professor Bainbridge comments here on the filing of this complaint.
Chancery Applies FINRA Rules To Affirm Arbitration Award with Punitive Damages
By Francis Pileggi on
Posted in Court of Chancery Updates
Credit Suisse Securities (USA) LLC v. Investment Hunter LLC, C.A. No. 5107-VCN (Del. Ch. May 27, 2010), read opinion here which affirmed an arbitration award that granted $1 million in punitive damages.
Because New York law applies to this case, I will give it a relatively short shrift. The bottom line in this case is…
Chancery Provides History Lesson on Foundations of our System of Federalism
By Francis Pileggi on
Posted in Court of Chancery Updates
Town Council of Ocean View v. Brown, C.A. No. 4969-VCL (Del. Ch. May 27, 2010). read letter decision here.
This short letter decision provides, in a practical manner, a pithy overview of the basis for the limited subject matter jurisdiction exercised by the Court of Chancery, as well as the basis for the Court…
Chancery Rejects Request to Enjoin Freeze-Out by Controlling Stockholder
By Francis Pileggi on
Posted in Court of Chancery Updates
In Re CNX Gas Corp. Shareholders Litigation, C. A. Consol. No. 5377-VCL (Del Ch. May 25, 2010), read 42-page opinion here. This will be a very short overview until a fuller synopsis can be provided at a later date.
Overview
The Delaware Court of Chancery denied a request for a preliminary injunction in this expedited matter in which…
Delaware’s Future in light of Pending Federal Legislation
By Francis Pileggi on
Posted in Court of Chancery Updates
Professor J.W. Verret writes here about the impact on Delaware corporate law of the pending federal legislation that seems likely to be signed into law in the near term. Professor Stephen Bainbridge provides his scholarly analysis to the debate here and here. Professor Larry Ribstein has been a prolific writer on this topic and he…
Court of Chancery Finds That, Under New York Law, Notes May Be Voluntarily Cancelled Absent Provision in the Indenture to the Contrary
By Francis Pileggi on
Posted in Court of Chancery Updates
In Concord Real Estate CDO 2006-1, Ltd. v. Bank of America N.A., C.A. No. 5219-VCL (Del. Ch. May 14, 2010), read opinion here, the Court of Chancery addressed the issue of whether notes issued as part of a collateralized debt obligation were discharged when the holder surrendered them voluntarily to the obligors with the intent that…
Chancery Denies Stay Pending Appeal of Decision Requiring Disclosure of Limited Partners’ Names
By Francis Pileggi on
Posted in Court of Chancery Updates
Brown Investment Management, L.P. v. Parkcentral Global, L.P., C.A. No. 5248-VCL (May 24, 2010), read letter decision here. This short ruling by letter followed a decision from the bench after a one-day trial in which a limited partner sought the names and addresses of fellow limited partners of a defunct hedge fund. The Court’s letter explains…
The Intersection of Federal Bankruptcy and State Corporate Law
By Francis Pileggi on
Posted in Commentary
The seminar today at the Widener University School of Law on the above topic, described in more detail here, addresses an area of law that is certain to be of interest to readers.
I am only able to attend the first part of the seminar, which addresses executive compensation issues. The panels throughout the day include…
Chancery Decides that Books and Records Demand Must Be Arbitrated Per L.P. Agreement
By Francis Pileggi on
Posted in Court of Chancery Updates
Aris Multi-Strategy Fund, LP v. Southridge Partners LP, C.A. No. 5422-CC (Del. Ch. May 21, 2010), read letter decision here. Although barely three-pages long, this ruling is noteworthy for the important issue that it decides.
This matter was presented to the Court of Chancery on a motion to dismiss a suit that demanded books and records of a…