In Johnston v. Pedersen, C. A. No. 6567-VCL (Del. Ch. September 23, 2011), read opinion here, the Court in a post-trial decision, found that that the defendant directors breached their fiduciary duties when issuing the Series B Preferred Stock and as a result, the holders of the Series B Preferred were not entitled
Section 225
Chancery Determines Both Valid Directors and Valid Shareholders in Section 225 Action and also Explains Proper Statutory Formalities that Must be Strictly Followed for Stock Split
By Francis Pileggi on
Posted in Court of Chancery Updates
Blades v. Wisehart, C.A. No. 5317-VCS (Del. Ch. Nov. 17, 2010), read 34-page opinion here.
Issues Decided
In this action pursuant to DGCL Section 225, the Court of Chancery addressed whether unanimous written consents validly removed the defendant directors from the board and whether the same written consents validly elected new directors for a …
Chancery Grants Motion To Intervene in Contested Stock Issuance Case
By Francis Pileggi on
Posted in Court of Chancery Updates
Noe v. Kropf, 2008 Del. Ch. LEXIS 148 (Oct. 15, 2008), is a Chancery Court decision that discusses the factors under Chancery Court Rule 24 applicable to a motion to intervene. This case involved a shareholder who sought to intervene because the original plaintiff was requesting from the Court a declaration that the stock owned by the…