Key Delaware Corporate and Commercial Cases from the First Five Months of 2010
Francis G.X. Pileggi and Kevin F. Brady, over the last five months or so, have highlighted on this blog approximately 100 cases on corporate and commercial law from the Delaware Supreme Court and the Delaware Court of Chancery. Among those … Continue reading
U.S. Supreme Court Rules in Second Amendment Case; Affirms Right to Self-Defense as Applicable to the States
In McDonald v. Chicago, Case No. 08-1521, the United States Supreme Court today issued a landmark decision interpreting the Second Amendment to the U.S. Constitution as being applicable to the States, which means on a practical level that the fundamental right to self-defense and … Continue reading
Bankruptcy Court Finds “Resulting Trust” in Pooled Accounts of Wilmington Diocese
In Re: Catholic Diocese of Wilmington, Inc., Adv. Proc. No. 09-52866, Case No. 09-13560 (CSS) (Bankr. D. Del. June 28, 2010), read opinion here. This decision of the Bankruptcy Court in Delaware applies the state law of trusts, and involves the … Continue reading
Delaware’s Antitakeover Statute
The ABA publication called The Business Lawyer arrived in the mail this week and the current issue is devoted in large part to a discussion of Section 203 of the Delaware General Corporation Law (the "Delaware Antitakeover Statute"), including its constitutionality … Continue reading
Supreme Court Eviscerates “Honest Services” Statute
In Black v. U.S. and Skilling v. U.S., the United States Supreme Court (SCOTUS) this week struck down key parts of a federal criminal statute known as the "honest services" statute, on which convictions of Enron’s Skilling and Hollinger’s Lord Black … Continue reading
Court of Chancery Dismisses Action Where Plaintiff Failed to Plead Key Facts Challenging Breach of Fiduciary Duty and Entire Fairness Standard Applied
In dismissing a complaint for failure to state a claim under Rule 12(b)(6), the Court of Chancery in Monroe County Employees’ Retirement Sys. v. Carlson, C.A. No. 4587-CC (Del. Ch. June 7, 2010), read letter decision here, held that to survive a … Continue reading
Supreme Court Affirms Appointment of Receiver of Dissolved Corporation
The Delaware Supreme Court affirmed a decision of the Court of Chancery in a one-page Order in the case styled: In the Matter of Texas Eastern Overseas, Inc., No. 21, 2010 (Del. Supr. June 24, 2010). Read Order here. The Chancery opinion was highlighted … Continue reading
Court Awards Plaintiffs’ Counsel $1.2 Million in Fees and Expenses Which Represents 26% of Value of Recovery
Berger v. Pubco Corp., et al., C. A. No. 3414-CC (June 23, 2010), read letter decision here. Read five prior Delaware decisions in this case highlighted here. In this case, the Court addressed plaintiffs’ petition for attorneys’ fees and expenses in … Continue reading
Court of Chancery Addresses Privilege Claims for Communications with Investment Bankers and “Common Interest” Privilege for Transnational Merger
In 3Com Corporation v. Diamond II Holdings, Inc., C.A. No. 3933-VCN (May 31, 2010), read letter ruling here, the Court addressed cross motions to compel which raised issues of work product immunity, attorney/client privilege and the “common interest” privilege in … Continue reading
Court of Chancery Precludes Limited Partner from Prematurely Withdrawing its Investment from Partnership
In Wimbledon Fund LP-Absolute Return Fund Series v. SV Special Situations Fund LP, C.A. No. 4780-VCS (Del. Ch. June 14, 2010), read opnion here, the Court of Chancery held that a member of an limited partnership was precluded from prematurely withdrawing its … Continue reading
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