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WERNER v. MILLER TECHNOLOGY MGMT., L.P.

C.A. No. 19721.

831 A.2d 318 (2003)

Marc WERNER, M.D., individually and on behalf of all others similarly situated, Plaintiff, v. MILLER TECHNOLOGY MANAGEMENT, L.P., MTM I, LLC, Miller Capital Management, Inc., David R. Parker, Edmund R. Miller, David N. Dungan, Allan R. Frank, Ulysses S. Knotts, III, Ted A. Fernandez, and Bruce V. Rauner, Defendants, Interprise Technology Partners, L.P., Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: February 13, 2003.

Attorney(s) appearing for the Case

Norman M. Monhait, Rosenthal Monhait Gross & Goddess, P.A., Wilmington, DE; Joel Bernstein, Peter Rachman, Goodkind Labaton Rudoff & Sucharow, L.L.P., New York City and Ft. Lauderdale, FL, for Plaintiff.

Arthur L. Dent, Richard L. Renck, Potter Anderson & Corroon, L.L.P., Wilmington, DE; Todd R. Legon, Michael G. Shannon, Wallace Bauman Legon Fodiman Ponce & Shannon, P.A., Miami, FL, for Defendants.

OPINION

LAMB, Vice Chancellor.

I.

This action arises out of a series of purportedly self-interested transactions between a Delaware limited liability partnership, its portfolio companies, general partner and the principals thereof, and certain limited partners. The partnership agreement and certain related documents provided that the partnership would be managed by the general partner, who, in turn, would be assisted by an advisory board...

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