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HANEY v. DELTA PETROLEUM CO., INC.

No. 99-CA-0170.

748 So.2d 36 (1999)

Mark W. HANEY, Robert L. Haney, Jr., Ellis P. Carter, Mary Carter Stokes, Martin C. Carter, Jr., David A. Carter, Pamela Carter Cabiro, Marcelle Carter LeBlanc and Ronald T. Carter v. DELTA PETROLEUM COMPANY, INC., Delta Rocky Mountain Petroleum, Inc., Paul B. Maxwell, W. Hampton Maxwell and Thomas A. Maxwell.

Court of Appeal of Louisiana, Fourth Circuit.

Writ Denied January 14, 2000.

Attorney(s) appearing for the Case

Arthur S. Lemann, III, New Orleans, Louisiana, and Roy Raspanti, Metairie, Louisiana, Counsel for Plaintiffs/Appellants.

Leonard A. Davis, Russ M. Herman, Herman, Herman, Katz & Cotlar, L.L.P., New Orleans, Louisiana, and Andrew C. Littman, Stevens, Littman & Biddison, L.L.C., Boulder, Colorado, Counsel for Defendants/Appellees.

Court composed of Judge JOAN BERNARD ARMSTRONG, Judge JAMES F. McKAY III, Judge MICHAEL E. KIRBY.

KIRBY, Judge.

The plaintiffs in the present case are former shareholders of the defendant corporation Delta Petroleum Company, Inc. (Delta); they have sued the directors, officers, and the corporation itself for breach of fiduciary duty. Delta moved for partial summary judgment on one issue: whether Delta had a duty to disclose the cash flow projections of a subsidiary company, Delta Rocky Mountain Petroleum, Inc. (DRMP.)1 The trial court...

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