Cox v. Crawford–Emery, (Del. Ch., Nov. 30, 2007), read letter opinion here. This letter opinion denied a request for injunctive relief and denied the request to appoint a custodian pursuant to Section 226 of the DGCL. The dispute was between two 50/50 shareholders of a Delaware corporation which owned a yacht that was based in the country of Turkey. None of the shareholders resided in Delaware and the deadlock that brought one shareholder of the Delaware corporation to Chancery Court did not involve the actions of the defendants taken in their status as directors.  The court doubted that it had personal jurisdiction over the defendants.

Importantly, the court also addresses the competing rights and duties of a person who serves as both a creditor and a director. In sum, a creditor does not waive his rights as a lender simply by virtue of also having fiduciary duties as a director.