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GELFMAN v. WEEDEN INVESTORS, L.P.

Civ. A. No. 18519.

859 A.2d 89 (2004)

Robert W. GELFMAN, Mark Allen, Ameribank Trust, Shirley Collins, David Derhodes, Fumi Fukada, Mary Rounseville, P.J. Hayes, Shirley Sarpa-Blackburn, Lisa Sarpa Snyder, Thomas E. Tice, Thomas C. Hellman, and Ralph S. Giorgio, on behalf of themselves and all others similarly situated, Plaintiffs, v. WEEDEN INVESTORS, L.P., Weeden Securities Corporation, Donald Weeden, Barry Small, Robert Cervoni, Timothy McDonald, Robert Weppler and Stephen Leuthold, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: June 14, 2004.

Revised: July 12, 2004.

Attorney(s) appearing for the Case

Pamela S. Tikellis and Robert J. Kriner, Jr., of Chimicles & Tikellis, Wilmington; Lynda J. Grant, of Goodkind Labaton Rudoff & Sucharow, New York City, Robert W. Biederman, of Hubbard & Biederman, D. Ronald Reneker, of Craddock, Reneker & Davis, Dallas, TX, of counsel, for Plaintiffs.

Bruce E. Jameson, of Prickett, Jones & Elliot, Wilmington; David E. Nachman, James D. Mathias, and Glenn C. Edwards, of Piper Rudnick, New York City, of counsel, for Defendants.

OPINION

STRINE, Vice Chancellor.

In this case, a group of limited partners in Weeden Investors, L.P. allege that Weeden's corporate general partner and its board of directors violated their contractual and fiduciary duties. At trial, the plaintiffs pressed two major claims.

The first is an allegation that the defendants issued an excessive number of new units in Weeden during the late 1990s. According to the plaintiffs, the purpose of these new issuances...

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