Hokanson v. Petty, 2008 Del Ch. LEXIS 182 (Dec. 10, 2008). This Chancery Court decision could have dismissed claims on a statute of limitations basis alone, but also addressed the merits. One notable aspect of the court’s analysis was that it upheld a decision of a board with a majority of independent members that followed a contractually mandated formula for the sale of the company. The plaintiff complained that the net proceeds did not provide any money to common shareholders (as compared to preferred shareholders). However, for several reasons that the court explained in detail, the unhappy fact of "nothing being left for common shareholders" did not provide a sufficient basis for a claim against the directors, especially in light of a provision in the charter pursuant to Section 102(b)(7).