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VANDERBILT INCOME v. ARVIDA/JMB MANAGERS

No. 469, 1996.

691 A.2d 609 (1996)

VANDERBILT INCOME AND GROWTH ASSOCIATES, L.L.C. and Raleigh Capital Associates, L.P., individually and derivatively on behalf of Arvida/JMB Partners, L.P., Plaintiffs Below, Appellants, v. ARVIDA/JMB MANAGERS, INC., Judd D. Malkin, Neil G. Bluhm, Burton E. Glazov, Stuart C. Nathan, A. Lee Sacks, John G. Schreiber, BSS Capital II, L.L.C., Starwood Capital Group I, L.P., Starwood/Florida Funding, L.L.C., Starwood Opportunity Fund, IV, L.P. and Barry Sternlicht, Defendants Below, Appellees, and Arvida/JMB Partners, L.P., Nominal Defendant Below, Appellee.

Supreme Court of Delaware.

Decided: December 12, 1996.

Attorney(s) appearing for the Case

R. Franklin Balotti (argued), Gregory P. Williams, Lisa A. Schmidt and Raymond J. DiCamillo of Richards, Layton & Finger, Wilmington, for appellants.

Thomas R. Hunt, Jr. and Alan J. Stone of Morris, Nichols, Arsht & Tunnell, Wilmington, and Garrett B. Johnson (argued), Steven J. Harper, Leslie M. Smith, Kristine L. Anderson and Timothy A. Duffy of Kirkland & Ellis, Chicago, IL, for appellees Arvida/JMB Managers, Inc., Judd D. Malkin, Burton E. Glazov, Stuart C. Nathan, A. Lee Sacks, John G. Schreiber and Arvida/JMB Partners, L.P.

Stephen P. Lamb and Joel Friedlander of Lamb & Bouchard, Wilmington, and Jerold S. Solovy, Ronald L. Marmer and C. John Koch of Jenner & Block, Chicago, IL, for appellee Neil G. Bluhm.

Lawrence C. Ashby of Ashby & Geddes, Wilmington, for appellees BSS Capital II, L.L.C., Starwood Capital Group I, L.P., Starwood/Florida Funding, L.L.C., Starwood Opportunity Fund, IV, L.P. and Barry Sternlicht.

Before VEASEY, C.J., WALSH, and HOLLAND, JJ.

HOLLAND, Justice:

In this appeal of a dismissal for failure to state a claim under Chancery Court Rule 12(b)(6), we decide that a trial court may not rely on matters outside the pleadings for the substantive interpretation of documents determining material rights of a party. If such documents are considered by the trial court, the motion to dismiss is converted into a motion for summary judgment. Before the motion for summary judgment is decided, discovery must be...

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