Quadrant Structured Products Company, Ltd. v. Vertin

OPINION

LASTER, Vice Chancellor.

Plaintiff Quadrant Structured Products Company, Ltd. (“Quadrant”) owns debt securities issued by defendant Athilon Capital Corp. (“Athilon” or the “Company”), a Delaware corporation. Quadrant alleges that Athilon is insolvent and that the individual defendants, who are members of Athilon’s board of directors (the “Board”), should wind up the Company’s business and dissolve the entity. Quadrant contends that instead, the Board has found ways to transfer value preferentially to Athilon’s controller, defendant EBF & Associates (“EBF”). In this action, Quadrant has…