Chancery Grants TRO to Halt Restructuring of Loans Secured by Atlantis Resort and Casino in the Bahamas
Trilogy Portfolio Company, LLC v. Brookfield Real Estate Financial Partners, LLC, C.A. No. 7161-VCP (Del. Ch., Jan. 13, 2012), read opinion here. Issue Addressed Whether the restructuring of a $2.7 billion mortgage loan secured by the Atlantis Resort and Casino … Continue reading
Delaware Court of Chancery Issues Non-Binding Guidelines to Help Lawyers Navigate Their Cases Through The Court More Efficiently
On January 13, 2012, the Court of Chancery issued non-binding guidelines or “best practices” to help lawyers and their parties handle common and sometimes complex procedural issues that arise in litigation before the Delaware Court of Chancery. Kevin F. Brady, … Continue reading
Chancery Issues TRO to Postpone Shareholder Meeting Due to Last Minute Removal of Incumbent Director from Company Slate
Sherwood v. Chan, C.A. No. 7106-VCP (Del. Ch. Dec. 20, 2011), read opinion here and TRO here. Issue Addressed Whether the last minute removal of an incumbent director from the company slate shortly before an annual shareholders’ meeting created irreparable harm … Continue reading
Chancery Denies Request for Expedited Proceedings
In Huawei Technologies Co., Ltd. v. Interdigital Technology Corp., C.A. No. 6974-CS (Del. Ch., Nov. 17, 2011), read transcript ruling here, the Delaware Court of Chancery denied a request for expedited scheduling in a case that sought to set a … Continue reading
Court of Chancery Retains Delaware Jurisdiction Despite Competing California Suits
In Parcell v. Southwall Technologies, Inc., C.A. No. 7003-VCL (Del. Ch. Nov. 7, 2011)(transcript), the Delaware Court of Chancery refused to stay litigation challenging a transaction despite parallel litigation pending in California challenging the same transaction. Read transcript here. Thanks … Continue reading
Court of Chancery is Sued: Confidential Arbitration Procedure is Challenged
The Delaware Court of Chancery, and the members of its bench, have been sued in the U.S. District Court for the District of Delaware over the relatively new arbitration procedures that allow for selected lawsuits involving at least $1 million to be filed … Continue reading
Chancery Rejects Breach of Fiduciary Duty Arguments in Merger Challenge
In re Alloy, Inc. Shareholders Litigation, C.A. No. 5626-VCP (Del. Ch. Oct. 13, 2011). Read this Delaware Court of Chancery opinion here. Issue Addressed: Did the directors breach their fiduciary duties in connection with voting on a merger in light … Continue reading
Chancery Denies Motion to Expedite–Then Partially Reconsiders
Gaines v. Narachi, C.A. No. 6784-VCN (Del. Ch. Sept. 30, 2011), read decision here. But see here for a subsequent letter ruling granting a motion to reconsider this decision on the issue of whether a colorable claim was demonstrated. This is … Continue reading
Chancery Court Rules in Favor of Bank of New York Mellon Regarding Realogy Corporation Refinancing
The Bank of New York Mellon v. Realogy Corp., (Del. Ch., Dec. 18, 2008), read opinion here. This Chancery Court decision in favor of The Bank of New York Mellon ("BNYM"), involved contract interpretation of various documents in connection with an attempt … Continue reading
Chancery Finds Lack of Support for Heightened Standard for Mandatory Injunction but Allows Expedited Proceedings
In Alpha Natural Resources, Inc. v. Cliff’s Natural Resources, Inc., (Del. Ch., November 6, 2008), read opinion here, the Chancery Court observed that in addition to the conventional prerequisites that must be satisfied before a “prohibitory preliminary injunction” will issue, when … Continue reading
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