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GRADIENT OC MASTER v. NBC UNIVERSAL, INC.

Civ. A. No. 3021-VCP.

930 A.2d 104 (2007)

GRADIENT OC MASTER, LTD., Caspian Capital Advisors, LLC, River Vail Holdings, L.L.C., Latigo Master Fund, Ltd., Par-Four Master Fund, Ltd., Southpaw Credit Opportunity Master Fund, LP, individually, for a class of similarly situated investors and derivatively, Plaintiffs v. NBC UNIVERSAL, INC., a Delaware Corporation, Citadel Investment Group, LLC, a Delaware Limited Liability Corporation, CIG Media, LLC, a Delaware, Limited Liability Corporation, W. Lawrence Patrick, R. Brandon Burgess, Henry J. Brandon, Raymond S. Rajewski, William A. Roskin, Lucille S. Salhany, Frederick M.R. Smith, Defendants, and ION Media Networks, Inc., a Delaware Corporation, Defendant and Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Ruling orally reported: July 10, 2007.

Written decision: July 12, 2007.

Attorney(s) appearing for the Case

C. Barr Flinn, Danielle Gibbs, Michael W. McDermott, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; David M. Friedman, Michael M. Fay, Kim Conroy, Matthew Funk, Kasowitz, Benson, Torres & Friedman, LLP, New York City, for Plaintiffs.

Jesse A. Finkelstein, Daniel A. Dreisbach, John D. Hendershot, Richards, Layton & Finger, P.A., Wilmington, DE; Adam S. Hakki, Marc D. Ashley, Brian G. Burke, Shearman & Sterling, LLP, New York City, for Defendant NBC Universal, Inc.

Michael A. Pittenger, Berton W. Ashman, Jr., Scott B. Czerwonka, Potter Anderson & Corroon, LLP, Wilmington, DE; William McGuinness, Peter L. Simmons, Fried, Frank, Harris, Shriver & Jacobson, LLP, New York City, for Defendants Citadel Investment Group, LLC and CIG Media, LLC.

Robert S. Saunders, Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, DE; Robert E. Zimet, Susan L. Saltzstein, Christopher P. Malloy, Skadden, Arps, Slate, Meagher & Flom, LLP, New York City, for the ION Defendant.

OPINION

PARSONS, Vice Chancellor.

This dispute involves challenges by holders of two classes of senior preferred stock of ION Media Networks, Inc. ("ION" or the "Company") to an exchange offer being made to those stockholders as one of several transactions provided for under a Master Transaction Agreement ("MTA") to restructure the Company's ownership and capital structure. Defendants are ION, its directors, NBC Universal, Inc. ("NBCU") and Citadel Investment...

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