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APPLEBAUM v. AVAYA, INC.

C.A. No. 19342.

805 A.2d 209 (2002)

Milton APPLEBAUM, Plaintiff, v. AVAYA, INC., Jeffrey A. Harris, Franklin A. Thomas, Henry B. Schacht, Daniel C. Stanzione, Mark Leslie, Donald K. Peterson, and Patricia F. Russo, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: June 27, 2002.

Corrected: July 1, 2002.

Attorney(s) appearing for the Case

Paul A. Fioravanti, Jr., Ronald A. Brown, Jr., Prickett, Jones & Elliott, P.A., Wilmington, and Arthur T. Susman, Susman & Watkins, Chicago, IL, for Plaintiff.

Jesse A. Finkelstein, Zoe Forrester, Daniel A. Dreisbach, Richards, Layton & Finger, Wilmington, and Paul J. DiMaio, Avaya, Inc., Basking Ridge, NJ, for Defendants.

OPINION

LAMB, Vice Chancellor.

Before the court are cross motions for summary judgment in a lawsuit to enjoin a Delaware corporation from executing a reverse/forward stock split intended to cash out shareholders below a certain ownership level. For the reasons that follow summary judgment is granted for the defendants.

I.

Avaya, Inc. ("Avaya" or the "Company") is a provider of communications systems and software for enterprises,...

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