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UNITED VANGUARD FUND INC. v. TAKECARE INC.

Civil Action No. 13343.

727 A.2d 844 (1998)

UNITED VANGUARD FUND, INC., United Funds, Inc.-United Science and Technology Fund, United New Concepts Fund, Inc., United Continental Income Fund, Inc., Waddell & Reed Funds, Inc.-Growth Fund, the Hillman Foundation, Inc., the Henry L. Hillman Foundation, HCC Investments, Inc., the Henry L. Hillman Trust, the Juliet Lea Hillman Trust, the Audrey Hilliard Hillman Trust, the Henry Lea Hillman, Jr., Trust and the William Talbott Hillman Trust, Plaintiffs, v. TAKECARE, INC., Jack R. Anderson, R. Judd Jessup, Richard M. Burdge, Sr., George E. Bello, Robert W. Jamplis and FHP International Corporation, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: June 8, 1998.

Attorney(s) appearing for the Case

Michael D. Goldman, James F. Burnett (argued), Peter J. Walsh, Jr., Stephen C. Norman, and Matthew E. Fischer of Potter Anderson & Corroon, Wilmington; of counsel: Theodore Altman, and Barry Shalov of Gordon Altman Butowsky Weitzen Shalov & Wein, New York City, for plaintiffs.

Kenneth J. Nachbar (argued) of Morris, Nichols, Arsht & Tunnell, Wilmington; of counsel: Michael Joseph and Joseph O. Click of Dyer Ellis & Joseph, Washington, D.C., for defendants TakeCare, Inc.

OPINION

LAMB, Vice Chancellor.

I. INTRODUCTION

This fee petition is before the Court on remand following the decision of the Delaware Supreme Court reversing an earlier ruling granting the defendants' motion for summary judgment. The underlying action was brought in January 1994, by the holders of approximately 22% of the common stock of TakeCare Inc. ("TakeCare" or the "Company"), a Delaware corporation, to enjoin the sale of TakeCare to FHP International...

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