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BLACKMORE PARTNERS, L.P. v. LINK ENERGY LLC

C.A. No. 454-N.

864 A.2d 80 (2004)

BLACKMORE PARTNERS, L.P., Plaintiff, v. LINK ENERGY LLC, J. Robert Chambers, Julie H. Edwards, Thomas M. Matthews, Robert E. Ogle, James M. Tidwell, S. Wil Vanloh, Jr., and Daniel J. Zaloudek, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: November 10, 2004.

Attorney(s) appearing for the Case

Norman M. Monhait, Esquire, Jessica Zeldin, Esquire, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; Stephen T. Rodd, Esquire, Stephanie D. Amin-Giwner, Esquire, Rebecca A. Scheinberg, Esquire, Abbey Gardy LLP, New York, New York, Attorneys for the Plaintiff.

Srivinas M. Raju, Esquire, Elizabeth C. Tucker, Esquire, Richards, Layton & Finger, P.A., Wilmington, Delaware; David D. Sterling, Esquire, Samuel W. Cooper, Esquire, Robeca Aizpuru, Esquire, Baker Botts LLP, Houston, Texas, Attorneys for the Defendants.

OPINION

LAMB, Vice Chancellor.

A former equity unit holder of a solvent limited liability company brings this purported class action suit against the company and directors for breach of fiduciary duty in connection with a transaction that rendered the equity units worthless. The complaint alleges that the directors breached their fiduciary duties by approving (as they were authorized to do without a vote of the unit holders) a sale of substantially...

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