Text messages from executives, emails to law firms, and approval for a contractor to clean up a Beverly Hills property are some of the things plaintiffs are seeking in Delaware’s Chancery Court this week.
Here’s a look at the cases on the court’s calendar:
Tuesday: In Re Madison Square Garden Ent. Corp. Stockholder Litig., Del. Ch., No. 2021-0468, oral argument 1/17/23.
At issue: A pension fund leading a challenge to a planned merger between Madison Square Garden Entertainment Corp. and another affiliate of New York Knicks owner James Dolan is trying to compel the release of text messages from current and former MSG Entertainment executives.
Court action: Motion to compel
Knicks’ Dolan, Isiah Thomas Sued Over MSG Affiliate Merger
Wednesday: In re CBS Corp. Stockholder Class Action & Derivative Litig., Del. Ch., No. 2020-0111, oral argument 1/18/23.
At issue: CBS Corp. shareholders seek to compel the release of a 2019 email that media mogul Shari Redstone, daughter of the late Sumner Redstone, sent her attorneys regarding legal advice about CBS’s $11.7 billion merger with Viacom Inc. Shareholders of both CBS and Viacom claim they got shortchanged in the deal.
Court action: Oral argument in Dover, Del.
CBS Investors’ Viacom-Merger Suit Can Proceed, Judge Says
Thursday: Salladay v. Albertine, Del. Ch., No. 2019-0048, telephonic hearing 1/19/23.
At issue: Former Intersections Inc. shareholder Lance Salladay has asked the court to approve a proposed $9 million settlement to a class of Intersections stockholders. He also seeks approval of an “all-in” award of attorneys’ fees and expenses of $2.07 million. Salladay led a 2019 challenge over the merger of the credit management and identity protection services provider with WC SACD One Inc.
Court action: Settlement hearing
Intersections Board Members Must Face Class Action Over 2018 Buy
Thursday: Abdulaziz Al Saud v. Abdulrahman Al-Athel, Del. Ch., No. 2018-0364, oral argument 1/19/23.
At issue: Two Saudi royals are battling over who will replace stained carpets and wilted landscaping at a once-luxe Beverly Hills compound so it can be sold. A lawyer for Princess Fahdah Husain Abdulrahman Al-Athel says her ex-husband—Prince Faisal Bin Abdullah Bin Abdulaziz Al Saud—is holding up repairs for two manor houses on the 2.3-acre property. She wants a judge to order the prince to sign off on a contractor to do the work.
Court action: Motion to enforce settlement agreement
Saudi Royals’ Stained Carpets Hold Up Sale of Mansions
Thursday: Burkhart v. Genworth Financial Inc., Del. Ch., No. 2018-0691, hearing 1/19/23.
At issue: Policyholders claim that in 2015 and 2016, Genworth Life Insurance Company made fraudulent transfers, as the company was already insolvent at the time. They want the court to compel the release of documents concerning bids made for all or part of the company in those years, along with the preparation of financial statements which value the company’s assets and liabilities in connection with a failed merger with China Oceanwide Holdings Group Co. Ltd.
Court action: Motion to compel production of bid and valuation documents
Genworth Scores Novel Win Over Fraudulent Asset Transfer Claims
Thursday: Greenfield v. Vardis, Del. Ch., No 2022-0271, Zoom oral argument 1/19/23.
At issue: An early supporter of cryptocurrency payment processor MoonPay Inc. sued its backers for $10 million, claiming HODL Venture Capital duped him into selling his stake for a pittance as part of a scheme to “clear out” small partners before a $555 million series A financing round.
Court action: Motion to dismiss
MoonPay Backers Duped Early Investor Before Financing, Suit Says
Friday: Joffe v. Neustar Inc., Del. Ch., No. 2022-1041, Zoom hearing 1/20/23.
At issue: Rodney Joffe, a cybersecurity expert who worked for years with the FBI, alleges Neustar Inc. owes him legal fees and expenses related to ongoing litigation involving former President Donald Trump and a federal investigation of actions Joffe took while he was an executive at the company, including looking into potential foreign interference in the 2016 presidential election. Neustar denies the allegations.
Court action: A hearing scheduled earlier this month was continued.
Friday: Press v. Acacia Research Corp., Del. Ch., No. 2022-1209, telephonic hearing 1/20/23.
At issue: Acacia Research Corp. has been sued by Clifford Press, its CEO since 2019, over claims the company concluded a recapitalization deal with activist hedge fund Starboard Value LP by falsely announcing Press had resigned while under investigation.
Court action: Motions for expedited proceedings and a status quo order that would keep Press on the board of directors pending the resolution of his lawsuit.
Starboard-Backed Acacia Sued by CEO it Accused of Misconduct
Friday: Kuramo Africa Opt Master Fund II LP v. Seruma, Del. Ch., No. 2021-0323, hearing 1/20/23.
At issue: A Kuramo Capital Management LLC fund wants to oust the manager of its investments in a Democratic Republic of the Congo palm oil plant over his alleged scheme to loot the business by restructuring a complex web of entities with overlapping ownership stakes.
Court action: Motion to compel the defendants to produce their pre-litigation communications with the law firm DLA Piper LLP.
Kuramo Capital Accuses Congo Investment Partner of Looting Plant
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