VIRTUS CAPITAL L.P. v. EASTMAN CHEMICAL COMPANY

C.A. No. 9808-VCL.

VIRTUS CAPITAL L.P., individually and on behalf of all others similarly situated, Plaintiff, v. EASTMAN CHEMICAL COMPANY, JOHN L. TEEGER, JOHN V. GENOVA, RICHARD K. CRUMP, JOHN W. GILDEA, PHILIP M. SIVIN, KARL W. SCHWARZFELD, DANIEL M. FISHBANE, WALTER TREYBIG, MARTIN D. SASS, M.D. SASS INVESTORS SERVICES, INC., RESURGENCE ASSET MANAGEMENT, L.L.C., RE/ENTERPRISE ASSET MANAGEMENT L.L.C., RESURGENCE ASSET MANAGEMENT INTERNATIONAL, L.L.C., CORPORATE RESURGENCE PARTNERS, L.L.C., CORPORATE RESURGENCE PARTNERS II, L.L.C., M.D. SASS CORPORATE RESURGENCE PARTNERS III, L.P., RESURGENCE ASSET MANAGEMENT, L.L.C. EMPLOYEE RETIREMENT PLAN, TRUST "O" FOR A PORTION OF THE ASSETS OF THE KODAK RETIREMENT INCOME PLAN, KODAK PENSION PLAN, M.D. SASS ASSOCIATES, INC. EMPLOYEE PROFIT SHARING PLAN, M.D. SASS RE/ENTERPRISE PORTFOLIO COMPANY, L.P., M.D. SASS RE/ENTERPRISE II, L.P., RESURGENCE PARALLEL FUND, L.L.C., RESURGENCE PARALLEL FUND II, L.L.C., RESURGENCE PARALLEL FUND III, L.L.C., EASTMAN TC, INC., AND MOELIS & COMPANY LLC, Defendants.

Court of Chancery of Delaware.

Decided: February 11, 2015.


Attorney(s) appearing for the Case

Joel Friedlander , Jeffrey M. Gorris , Benjamin P. Chapple , FRIEDLANDER & GORRIS, P.A., Wilmington, Delaware; Attorneys for Plaintiff.

T. Brad Davey , J. Matthew Belger , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Barry S. Pollack , POLLACK SOLOMON DUFFY LLP, Boston, Massachusetts; Attorneys for Defendants Martin D. Sass, MD. Sass Associates, Inc. Employee Profit Sharing Plan, MD. Sass Investor Services, Inc., Resurgence Asset Management, L.L.C., and RE/Enterprise Asset Management L.L.C.

A. Thompson Bayliss , Adam K. Schulman , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Attorneys for Defendant John V. Genova.

Thomas W. Briggs, Jr. , Kevin M. Coen , Frank R. Martin , Brendan W. Sullivan , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; Attorneys for Defendants Eastman Chemical Company, and Eastman TC, Inc.

Lewis H. Lazarus , Brett M. McCartney , Patricia A. Winston , MORRIS JAMES LLP, Wilmington, Delaware; Attorneys for Defendants John L. Teeger, Richard K Crump, and John W. Gildea.

Rolin P. Bissell , Paul J. Loughman , YOUNG CONAWAY STARGATT & TAYLOR, LLP, Wilmington, Delaware; Paul D. Flack , Reagan D. Pratt , PRATT & FLACK LLP, Houston, Texas; Attorneys for Defendant Walter B. Treybig.

Gregory P. Williams , Susan M. Hannigan , J. Scott Pritchard , RICHARDS LAYTON & FINGER, P.A., Wilmington, Delaware; Yosef J. Reimer , Matthew Solum , KIRKLAND & ELLIS LLP, New York, New York; Attorneys for Defendants Philip M Sivin, Karl W. Schwarzfeld, and Daniel M Fishbane.

David E. Ross , S. Michael Sirkin , SEITZ ROSS ARONSTAM & MORITZ LLP, Wilmington, Delaware; William Savitt , Benjamin D. Klein , WACHTELL, LIPTON, ROSEN & KATZ, New York, New York; Attorneys for Defendant Moelis & Company LLC.


MEMORANDUM OPINION

LASTER, Vice Chancellor.

Defendant Martin D. Sass controlled Sterling Chemicals, Inc. ("Sterling" or the "Company"), a publicly traded Delaware corporation. The complaint contains detailed allegations sufficient to state a claim that Sass breached his duty of loyalty by causing Sterling to be sold at a fire-sale price to alleviate a liquidity crisis that Sass was facing at his investment funds. The complaint also contains detailed allegations...

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