In Re Inergy L.P. Unitholder Litigation, Cons., C.A. No. 5816-VCP (Del. Ch. Oct. 29, 2010), read opinion here.
This 51-page opinion from the Court of Chancery deserves fuller treatment but for present purposes this lengthy analysis of the terms of a Limited Partnership Agreement will be reduced to the following bullet points:
(1) The plaintiffs sought to enjoin a transaction about which it was claimed that the general partner of the Limited Partnership and the directors that made up its board, breached their fiduciary duties by depriving the unitholders of the right to vote on a transaction, and using an unfair and unreasonable process to determine a dilutive price.
(2) The Court reasoned that the plaintiffs did not satisfy the prerequisites for a preliminary injunction.
(3) Of note, as a closing observation, is the timeline involved. The complaint was filed on September 14, 2010. The Court granted a motion for expedited proceedings on Sept. 29, 2010. After expedited discovery, the parties briefed and argued the motion for preliminary injunction by Oct. 22, 2010 and this decision was issued on Oct. 29, 2010. Thus, from the filing of the complaint, and through discovery and briefing until a final decision, about six weeks transpired. That is exemplary speed especially when the 51-page opinion of the Court included sophisticated analysis and 165 detailed footnotes.