FOTTA v. MORGAN

C.A. No. 8230-VCG.

KEITH A. FOTTA, TELEMARK TECHNOLOGY, INC., GERALD A. CLARK, JAMES B. RICH, ILENE RICH, DIANE JURMAIN, and PETER JURMAIN, Plaintiffs, v. CHARLES D. MORGAN, individually and as Trustee of the CHARLES D. MORGAN REVOCABLE TRUST, and JEFFERSON D. STALNAKER, Defendants, and FIRST ORION CORP., Nominal Defendant.

Court of Chancery of Delaware.

Decided: February 29, 2016.


Attorney(s) appearing for the Case

Evan O. Williford and Andrew J. Huber , of THE WILLIFORD FIRM, LLC, Wilmington, DE; OF COUNSEL: Grant E. Fortson and Roger D. Rowe , of LAX, VAUGHAN, FORTSON, ROWE & THREET, P.A., Little Rock, AR, Attorneys for the Plaintiffs.

Andrew L. Cole , William A. Crawford , Daniel A. O'Brien , and Theodore J. Segletes, III , of FRANKLIN & PROKOPIK, Wilmington, DE; OF COUNSEL: Chad W. Pekron , of QUATTLEBAUM, GROOMS, TULL & BURROW PLLC, Little Rock, AR, Attorneys for Defendants Charles D. Morgan, individually and as Trustee of the Charles D. Morgan Revocable Trust, and Jefferson D. Stalnaker.


MEMORANDUM OPINION

This matter involves what I perceive to have become a common scenario in this Court:1 plaintiff stockholders allege that a significant creditor to the company has used its control over the corporate board together with contractual rights it has been granted to...

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