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PARNES v. BALLY ENTERTAINMENT CORP.

No. 85, 1998.

722 A.2d 1243 (1999)

Linda PARNES, Plaintiff Below, Appellant, v. BALLY ENTERTAINMENT CORPORATION, Hilton Hotels Corporation, Arthur M. Goldberg, Barrie K. Brunet, J. Kenneth Looloian, James F. Rochford, George N. Aronoff, Patrick L. O'Malley, Rocco J. Marano and Edwin M. Halkyard, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: January 25, 1999.

Attorney(s) appearing for the Case

Robert D. Goldberg of Biggs and Battaglia, Wilmington, Delaware; J.F. Harnes (argued) and J.T. Harnes of Silverman, Harnes, Harnes, Prussin & Keller, New York City, for appellant.

Jesse A. Finkelstein and Raymond J. DiCamillo of Richards, Layton & Finger, Wilmington, Delaware, and Hugh Steven Wilson of Latham & Watkins, San Diego, California, and Everett C. Johnson, Jr. of Latham & Watkins, Washington, DC, for Defendant Hilton Hotels Corporation; Stephen E. Jenkins and Richard D. Heins of Ashby & Geddes, Wilmington, Delaware, and Dennis J. Block (argued) of Cadwalader, Wickersham & Taft, New York City, and Stephen A. Radin of Weil, Gotshal & Manges, LLP, New York City, for Defendants Arthur M. Goldberg, Barrie K. Brunet, J. Kenneth Looloian, James M. Rochford, George N. Aronoff, Patrick L. O'Malley, Rocco J. Marano and Edwin M. Halkyard.

Before VEASEY, C.J., WALSH, HOLLAND, HARTNETT and BERGER, JJ, constituting the Court en Banc.

BERGER, Justice:

This is an appeal from a decision dismissing a purported class action challenging the 1996 merger between Bally Entertainment Corporation and Hilton Hotels Corporation. The Court of Chancery decided that the complaint stated only a derivative claim — waste of corporate assets — and that appellant, a former Bally stockholder, lost standing to assert that claim after the merger was accomplished...

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