U.S. BANK NATIONAL ASSOCIATION, in its capacity as Indenture Trustee and not in its individual capacity, Plaintiff,
v.
U.S. TIMBERLANDS KLAMATH FALLS, L.L.C., n/k/a Inland Fiber Group, L.L.C.; U.S. Timberlands Finance Corp. n/k/a Fiber Finance Corp., U.S. Timberlands Yakima, L.L.C., n/k/a American Forest Resources, L.L.C.; U.S. Timberlands Holdings Group, L.L.C. n/k/a Cascades Resource Holdings Group, L.L.C.; U.S. Timberlands Services Company, L.L.C., n/k/a Timber Resources Services, L.L.C.; John M. Rudey; Alan B. Abramson; Aubrey L. Cole; George R. Hornig; Robert F. Wright; and William A. Wyman, Defendants.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: December 6, 2004.
Decided: December 22, 2004.
Attorney(s) appearing for the Case
Daniel B. Rath, Esquire, Rebecca L. Butcher, Esquire, Landis Rath & Cobb LLP, Wilmington, Delaware; Jerome A. Miranowski, Esquire, Kerry L. Bundy, Esquire, Nathaniel Zylstra, Esquire, Faegre & Benson LLP, Minneapolis, Minnesota, Attorneys for the Plaintiff.
Bruce L. Silverstein, Esquire, C. Barr Flinn, Esquire, Karen E. Keller, Esquire, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware; David M. Friedman, Esquire, Mark P. Ressler, Esquire, R. Tali Epstein, Esquire, Kasowitz, Benson, Torres & Friedman, LLP, New York, New York, Attorneys for Defendants U.S. Timberlands Klamath Falls, L.L.C., n/k/a Inland Fiber Group, L.L.C., and U.S. Timberlands Finance Corp., n/k/a Fiber Finance Corp.
Bruce L. Silverstein, Esquire, C. Barr Flinn, Esquire, Karen E. Keller, Esquire, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware, Attorneys for Defendants U.S. Timberlands Yakima, L.L.C., n/k/a American Forest Resources, L.L.C., U.S. Timberlands Holdings Group, L.L.C., n/k/a Cascades Resource Holding, L.L.C., U.S. Timberlands Services Company, L.L.C., n/k/a Timber Resources Services, L.L.C., John M. Rudey, and George R. Hornig.
Jesse A. Finkelstein, Esquire, Srinivas M. Raju, Esquire, Richards, Layton & Finger, Wilmington, Delaware, Attorneys for Defendants Alan B. Abramson, Aubrey L. Cole, Robert F. Wright, and William A. Wyman.
Court of Chancery of Delaware, New Castle County.
OPINION
LAMB, Vice Chancellor.
I.
This action arises from a suit by an indenture trustee seeking a declaration that the issuer violated several provisions of the indenture by entering into transactions with a related third-party. The trustee alleges that these transactions were completed to the detriment of the issuer, and for the benefit and personal gain of the defendants. The trustee further alleges breach of fiduciary duty, actual and...
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