T. ROWE PRICE RECOVERY FUND, L.P., Carl Marks Management Co., L.P., Carl Marks Strategic Investments, L.P. and Carl Marks Strategic Investments II, L.P., individually and derivatively on behalf of Seaman Furniture Co., Inc., Plaintiffs,
v.
James RUBIN, M.D. Sass Associates, Inc., Resurgence Asset Management, L.L.C., M.D. Sass Corporate Resurgence Partners, L.P., M.D. Sass Corporate Resurgence International, Ltd., Robert Symington, Byron Haney, Alan Rosenberg, Steven H. Halper, and Peter McGeough, Defendants, and
Seaman Furniture Co., Inc., Nominal Defendant.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: June 19, 2000.
Decided: June 23, 2000.
Attorney(s) appearing for the Case
Martin P. Tully, Esquire and David John Teklits, Esquire, of Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; Martin Flumenbaum, Esquire, Danya E. Perry, Esquire Joshua Groban, Esquire, of Paul, Weiss, Rifkind, Wharton & Garrison, New York, New York, Attorneys for Plaintiffs.
Daniel A. Dreisbach, Esquire, of Richards, Layton & Finger, Wilmington, Delaware; Andrew J. Frackman, Tancred Schiavoni, Esquire, and Rob Stern, Esquire, of O'Melveny & Myers LLP, New York, New York, Attorneys for Defendants James Rubin, M.D. Sass Associates, Inc., Resurgence Asset Management LLC, Sass Corporate Resurgence Partners LP, M.D. Sass Corporate Resurgence International, Ltd., Robert Symington, and Byron Haney.
William D. Johnston, Esquire, and John J. Paschetto, Esquire, of Young, Conaway, Stargatt & Taylor, Wilmington, Delaware; Stefanie Gatti, Esquire, of Epstein Becker & Green, New York, New York, Attorneys for Defendants Rosenberg, Halper and McGeough.
Stephen C. Norman, Esquire, of Potter, Anderson & Corroon, Wilmington, Delaware; John M. Newman, Jr., Esquire, and Sean P. Costello, Esquire, of Jones, Day, Reavis & Pogue, Cleveland, Ohio, Attorneys for Nominal Defendant Seaman Furniture Company, Inc.
Court of Chancery of Delaware, New Castle County.
OPINION
LAMB, Vice Chancellor.
I. INTRODUCTION
On April 26, 2000, two investment funds collectively holding 42% of the stock of Seaman Furniture Company, Inc. filed this individual and derivative action against Seaman, Resurgence Asset Management, L.L.C. (Seaman's majority stockholder), Resurgence's board designees, and the company's executive management. The funds seek to enjoin the implementation...
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