WALLACE EX REL. CENCOM v. WOOD

C.A. No. 15731.

752 A.2d 1175 (1999)

Ron WALLACE, Brian Matthews, David J. Lerner and Fred N. Roberts, derivatively on behalf of CENCOM CABLE INCOME PARTNERS II, L.P., Plaintiffs, v. Howard L. WOOD, Barry L. Babcock, Jerald L. Kent, Theodore W. Browne, II, Cencom Properties II, Inc., CC II Holdings, Inc., Cencome Partners, Inc., Cencom Cable Entertainment, Inc., Charter Communications, Inc., Charter Communications II, L.P., Charter Communications, L.P. and CC Cable, Inc., Defendants, and Cencom Cable Income Partners II, L.P., Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: October 12, 1999.


Attorney(s) appearing for the Case

Pamela S. Tikellis, James C. Strum and Robert J. Kriner, Jr. of Chimicles, Jacobsen & Tikellis, Wilmington, Delaware. Of Counsel: Lawrence P. Kolker and Gregory M. Nespole of Wolf Haldenstein Adler Freeman & Herz, New York, New York; Michael E. Criden of Hanzman Criden Korge & Chaykin, Miami, Florida; Lynda J. Grant of Goodkind Labaton Rudoff & Sucharow, New York, New York.

Daniel A. Dreisbach and Michael D. Allen of Richards, Layton & Finger, Wilmington, Delaware. Of Counsel: Stephen B. Higgins, Linda Carroll Reisner and Thompson Coburn, St. Louis, Missouri, for Defendants.


OPINION

STEELE, Vice Chancellor.

I. Issues Presented

Can holders of units in a Limited Partnership state a cognizable claim for breach of fiduciary duties against parent corporations of the Limited Partnership's corporate general partner, affiliates of that corporate general partner, and officers of that corporate general partner?

Officers, affiliates and parents of a general partner...

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