Publication Date: 2024-12-03
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Paul D. Brown, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Robert O’Hare, Jr. Michael Zarocostas, Andrew C. Levitt, O’Hare Parnagian LLP, New York, NY for plaintiffs.
for defendant: Rebeca L. Butcher, Jennifer L. Cree, Landis Rath & Cobb LLP, Wilmington, DE; Neil A. Steiner, Dechert LLP, New York, NY; Sean J. Bellew, Bellew, LLC, Wilmington, DE for defendants.
Case Number: 9413-VCF
Directors breached fiduciary duties by approving forbearance agreement with company's largest creditor in exchange for creditor's indemnification against claims by company's largest stockholder and management bonuses.
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