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Summaries and analysis of recent Delaware court decisions concerning business-related litigation.
- Chancery Finds Plaintiff Failed To State A Non-Exculpated Claim Against Special Committee Defendants In Complaint Challenging A Merger
- Chancery Finds Stockholder Conferred a Substantial Corporate Benefit by Challenging the Joint Vote of Two Classes of Common Stock under Section 242(b)(2) of the DGCL
- Court of Chancery Awards Plaintiffs Attorneys’ Fees and Costs in Section 225 Action for Obtaining a Substantial Benefit for the Corporation and its Stockholders
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Court Of Chancery Explains Conversion Cap
By Morris James LLP on November 5, 2010
Posted In Corporate Charters
ION Geophysical Corporation v. Fletcher International Ltd., C.A. No. 5050-VCP (November 5, 2010)
This decision explains how a 'conversion cap' works to prevent the holders of convertible securities from converting those securities to common stock. These provisions thereby avoid running afoul of the SEC rules on registering ownership of stock.
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