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Legal Opinion

Union Illinois 1995 Investment Ltd. Partnership v. Union Financial Group, Ltd.

Court of Chancery of Delaware

Decided January 5, 2004No. C.A. 19586PublishedCited by 43 opinions

1Opinion of the Court

OPINION

STRINE, Vice Chancellor.

This is an appraisal action in which shareholders who are all affiliated with the O’Brien family seek a determination of the fair value of their shares in Union Financial Group, Ltd. (“UFG”). The O’Brien family controlled approximately 38% of UFG’s stock before UFG was acquired by an acquisition subsidiary of First Banks, Inc. on December 31, 2001. The patriarch of the O’Brien family, Albert O’Brien, founded UFG and more recently his son Denis O’Brien had served as the company’s Chairman and Chief Executive Officer.

In 1999, Denis O’Brien was removed as CEO by…

2Cases cited10 opinions

  1. Cede & Co. v. Technicolor, Inc.Supreme Court of Delaware · 1988
  2. Cede & Co. v. Technicolor, Inc.Supreme Court of Delaware · 1996
  3. Rapid-American Corp. v. HarrisSupreme Court of Delaware · 1992
  4. M.P.M. Enterprises, Inc. v. GilbertSupreme Court of Delaware · 1999
  5. Applebaum v. Avaya, Inc.Supreme Court of Delaware · 2002

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3Cited by43 opinions

  1. In re Trados Inc. Shareholder LitigationCourt of Chancery of Delaware · 2013
  2. Montgomery Cellular Holding Co. v. DoblerSupreme Court of Delaware · 2005
  3. In re Rural Metro Corp.Court of Chancery of Delaware · 2014
  4. In Re Netsmart Technologies, Inc. Shareholders LitigationCourt of Chancery of Delaware · 2007
  5. Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd.Supreme Court of Delaware · 2017

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