METRO COMM. BVI v. ADVANCED MOBILECOMM

No. Civ.A. 20099.

854 A.2d 121 (2004)

METRO COMMUNICATION CORP. BVI, Plaintiff, v. ADVANCED MOBILECOMM TECHNOLOGIES INC., Boston Ventures Limited Partnership V, Manuel Ceara, Donald S. Heaton, James P. Hynes, Roy P. Coppedge, Neil A. Wallack and Fidelity Ventures Brazil, LLC., Defendants.

Court of Chancery of Delaware, New Castle County.

Decided April 30, 2004.

Revised May 3, 2004.


Attorney(s) appearing for the Case

Norman M. Monhait, Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Delaware; Frank C. Welzer, Zukerman Gore & Brandeis, LLP, New York, New York, for Plaintiff.

Jesse A. Finkelstein, and John D. Hendershot, Richards, Layton & Finger, P.A., Wilmington, Delaware; William F. Lee, Gabrielle R. Wolohojian, and Jonathan A. Shapiro, Hale and Dorr LLP, Boston, Massachusetts, for Defendants Advanced Mobilecomm Technologies Inc., Donald S. Heaton, Manuel Ceara, and James P. Hynes.

A. Gilchrist Sparks, III, Alan J. Stone, and Brian J. McTear, Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; Mark D. Cahill, Tricia A. Rice, and Jennifer Thibeault Connor, Choate, Hall & Stewart, Boston, Massachusetts, for Defendants Boston Ventures Limited Partnership V and Roy F. Coppedge.

Andre G. Bouchard, and Karen L. Pascale, Bouchard Margules & Friedlander, Wilmington, Delaware; James D. Smeallie, and Joshua C. Krumholz, Holland & Knight LLP, Boston, Massachusetts, for Defendants Fidelity Ventures Brazil, LLC and MetroRED Telecom Group Ltd.


STRINE, Vice Chancellor.

Metro Communication Corp., BVI ("Metro") is a former member of Fidelity Ventures Brazil, LLC ("Fidelity Brazil"), which was established by a limited liability company agreement in February 1998 (the "LLC Agreement") as the vehicle through which Metro and the other members of Fidelity Brazil would invest venture capital in the then-recently deregulated South American telecommunications market. By October 2000, Metro allegedly had invested approximately...

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