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FLETCHER INTERNATIONAL, LTD. v. ION GEOPHYSICAL CORPORATION

Civil Action No. 5109-CS.

FLETCHER INTERNATIONAL, LTD., Plaintiff, v. ION GEOPHYSICAL CORPORATION, f/k/a INPUT/OUTPUT, INC. and ION INTERNATIONAL S.àr.l., Defendants.

Court of Chancery of Delaware.

Decided: December 4, 2013.

Attorney(s) appearing for the Case

Kevin G. Abrams, Esquire , J. Peter Shindel, Jr., Esquire , Daniel A. Gordon, Esquire , ABRAMS & BAYLISS LLP, Wilmington, Delaware, Attorneys for Plaintiff Fletcher International, Ltd.

Kenneth J. Nachbar, Esquire , Leslie A. Polizoti, Esquire , Ryan D. Stottmann, Esquire , Angela C. Whitesell, Esquire , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware, Attorneys for ION Geophysical Corporation and ION International, S.àr.l.

MEMORANDUM OPINION

STRINE, Chancellor.

I. Introduction

In a prior decision in this case, this court, per Vice Chancellor Parsons, held that it was likely that the issuance of a note by a subsidiary of the defendant, ION Geophysical Corporation, which was formerly known as Input/Output ("ION"), in connection with a $40 million bridge financing that was a minor portion of a much larger transaction, violated the right of the plaintiff...

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