Legal Opinion
OTK Associates, LLC v. Friedman
Court of Chancery of Delaware
Decided February 5, 2014No. C.A. No. 8447-VCLPublishedCited by 17 opinions
1Opinion of the Court
OPINION
LASTER, Vice Chancellor.
In March 2013, the board of directors (the “Board”) of Morgans Hotel Group Co. (“Morgans” or the “Company”) approved a two-part recapitalization involving The Yu-caipa Companies, LLC (‘Yucaipa”), an entity controlled by prominent investor Ronald W. Burkle. Despite not owning a mathematical majority of the Company’s common stock, Yucaipa held a combination of securities and contract rights that, together with Yucaipa’s board representation and close relationships with management, gave Yucaipa effective control over Morgans. In the recapitalization, Morgans would…
2Cases cited38 opinions
- Central Mortgage Co. v. Morgan Stanley Mortgage Capital Holdings LLCSupreme Court of Delaware · 2011
- Rales v. Blasband Ex Rel. Easco Hand Tools, Inc.Supreme Court of Delaware · 1993
- Malpiede v. TownsonSupreme Court of Delaware · 2001
- Tooley v. Donaldson, Lufkin, & Jenrette, Inc.Supreme Court of Delaware · 2004
- Stone v. RitterSupreme Court of Delaware · 2006
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3Cited by17 opinions
- Quadrant Structured Products Company, Ltd. v. VertinCourt of Chancery of Delaware · 2014
- C & J Energy Services, Inc. v. City of Miami General Employees'Supreme Court of Delaware · 2014
- In re El Paso Pipeline Partners, L.P. Derivative LitigationCourt of Chancery of Delaware · 2015
- John Swann Holding Corp. v. SimmonsDistrict Court, S.D. New York · 2014
- Amgine Technologies (US), Inc. v. Harold Roy MillerCourt of Chancery of Delaware · 2021
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