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IN RE CELLULAR COMMUNICATIONS INTERN.

C.A. No. 16866.

752 A.2d 1185 (2000)

In re CELLULAR COMMUNICATIONS INTERNATIONAL, INC. SHAREHOLDERS LITIGATION.

Court of Chancery of Delaware, New Castle County.

Decided: January 6, 2000.

Attorney(s) appearing for the Case

Joseph A. Rosenthal, and Norman M. Monhait, of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Stanley D. Bernstein, of Bernstein, Liebhard & Lifshitz, LLP, New York City, Schiffrin & Barroway, LLP, Bala Cynwyd, Pennsylvania, Law Offices of Todd J. Krouner, New York City, for Plaintiffs.

Randolph K. Herndon, of Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, Stephen W. Greiner, of Willkie, Farr & Gallagher, New York City, for Defendants.

OPINION

LAMB, Vice Chancellor.

I.

Before me is the parties' motion to approve a proposed settlement of these consolidated cases, together with an application for an award of fees and expenses in the amount of $1,000,000. After reviewing the record, including the supplemental submissions made by the parties following the December 15, 1999 settlement hearing, I conclude that the settlement is not supported by adequate consideration and, thus, cannot...

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