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LAZARD DEBT RECOVERY GP, LLC. v. WEINSTOCK

C.A.No.19503.

864 A.2d 955 (2004)

LAZARD DEBT RECOVERY GP, LLC, individually, and on behalf of the Lazard Debt Recovery Fund, L.P., and Lazard Debt Recovery Management LLC, Plaintiffs, v. Michael A. WEINSTOCK and Andrew J. Herenstein, Defendants.

Court of Chancery of Delaware.

Decided August 6, 2004.

Attorney(s) appearing for the Case

Anne C. Foster, Catherine G. Dearlove, Evan O. Williford, Richards, Layton & Finger, P.A., Wilmington, Delaware; Rowan D. Wilson, Thomas G. Rafferty, Kenneth E. Lee, Cravath, Swaine & Moore, New York, New York, for Plaintiffs.

Kenneth J. Nachbar, Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; Jonathan Rosenberg, Daniel L. Cantor, John T. Hammer, O'Melveny & Myers, LLP, New York, New York, for Defendant Michael A. Weinstock.

Norman M. Monhait, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; Kenneth A. Zitter, Law Offices of Kenneth A. Zitter, New York, New York, for Defendant Andrew J. Herenstein.

OPINION

STRINE, Vice Chancellor.

Lazard Freres & Co. started a fund focused on investing in the securities of distressed companies. To that end, it created controlled subsidiaries to act as the fund's general partner and investment manager, and the general partner invested startup capital to get the fund going. Two Lazard partners, Michael Weinstock and Andrew Herenstein, were employed by the investment manager and the fund and were the key humans who...

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