Legal Opinion
Winston v. Mandor
Court of Chancery of Delaware
Decided May 12, 1997No. 14807, 15416PublishedCited by 26 opinions
1Opinion of the Court
OPINION
STEELE, Vice Chancellor.
I. Issue Presented
Do controlling stockholders who effectuate the sale of a significant portion of corporate assets, and thereafter distribute the proceeds as a dividend to the common stockholders owe fiduciary duties vis a vis these transactions to the corporation’s preferred stockholders? I conclude they do not owe fiduciary duties if the transactions are specifically contemplated by the corporate certificate of designations. I further conclude, however, that the corporation, like any contracting party, must interpret and apply the applicable provisions in the…
2Cases cited21 opinions
- In Re Santa Fe Pacific Corp. Shareholder LitigationSupreme Court of Delaware · 1995
- Grobow v. PerotSupreme Court of Delaware · 1988
- Oceanport Industries, Inc. v. Wilmington Stevedores, Inc.Supreme Court of Delaware · 1994
- Desert Equities, Inc. v. Morgan Stanley Leveraged Equity Fund, II, L.P.Supreme Court of Delaware · 1993
- Vanderbilt Income & Growth Associates, L.L.C. v. Arvida/JMB Managers, Inc.Supreme Court of Delaware · 1996
16 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- VLIW TECHNOLOGY, LLC v. Hewlett-Packard Co.Supreme Court of Delaware · 2003
- Kronenberg v. KatzCourt of Chancery of Delaware · 2004
- Anglo American Security Fund, L.P. v. S.R. Global International Fund, L.P.Court of Chancery of Delaware · 2003
- In Re General Motors Class H Shareholders LitigationCourt of Chancery of Delaware · 1999
- Great Lakes Chemical Corp. v. Pharmacia Corp.Court of Chancery of Delaware · 2001
21 more not listed; retrieve them via the Exa API.