Legal Opinion
Benihana of Tokyo, Inc. v. Benihana, Inc.
Supreme Court of Delaware
Decided August 24, 2006No. 36, 2006PublishedCited by 47 opinions
1Opinion of the Court
BERGER, Justice:
In this appeal, we consider whether Benihana, Inc. was authorized to issue $20 million in preferred stock and whether Benihana’s board of directors acted properly in approving the transaction. We conclude that the Court of Chancery’s factual findings are supported by the record and that it correctly applied settled law in holding that the stock issuance was lawful and that the directors did not breach their fiduciary duties. Accordingly, we affirm.
Factual and Procedural Background
Rocky Aoki founded Benihana of Tokyo, Inc. (BOT), and its subsidiary, Benihana, which own and…
2Cases cited11 opinions
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- Williams v. GeierSupreme Court of Delaware · 1996
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