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FELDMAN v. CUTAIA

C.A. No. 1656-VCL.

956 A.2d 644 (2007)

Peter FELDMAN, Plaintiff, v. Rory J. CUTAIA, Steven J. Kumble, Jonathan Lawrence, James T. Raymond, Llewellen Werner, William Hitchcock, Leonard V. Sessa, the Cutaia Group, LLC, Keith J. Keenan, J. Todd Raymond, GI Partners Fund II, L.P., GI Partners Side Fund II, L.P., Defendants, and The Telx Group, Inc., a Delaware Corporation, Nominal Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: August 1, 2007.

Attorney(s) appearing for the Case

Matthew E. Fischer, Esquire, Timothy R. Dudderar, Esquire, Berton W. Ashman, Jr., Esquire, Potter Anderson & Corroon, LLP, Wilmington, DE, for Peter Feldman.

Vernon R. Proctor, Esquire, Proctor Heyman, LLP, Wilmington, DE, for Steven J. Kumble, James T. Raymond, Llewellyn Werner, William Hitchcock, Leonard V. Sessa, and Keith J. Kennan.

Stephen E. Jenkins, Esquire, Richard L. Renck, Esquire, Andrew D. Cordo, Esquire, Ashby & Geddes, Wilmington, DE, for Rory Cutaia, J. Todd Raymond, Jonathan Lawrence, and the Cutaia Group, LLC.

Lewis H. Lazarus, Esquire, Thomas E. Hanson, Jr., Esquire, Morris James, LLP, Wilmington, DE, for The Telx Group, Inc.

Srinivas M. Raju, Esquire, Brock E. Czeschin, Esquire, Richards, Layton & Finger, P.A., Wilmington, DE; Luke J. Bergstrom, Esquire, Latham & Watkins, Menlo Park, CA, for GI Partners Fund II, L.P. and GI Partners Side Fund II, L.P.

OPINION

LAMB, Vice Chancellor.

A co-founder and now former stockholder of a Delaware corporation sues members of the company's management and its directors for alleged breaches of fiduciary duty arising out of a number of transactions, including a recapitalization scheme, a stock repurchase, an issuance of stock options, and ultimately a cash-out merger. The various defendants move to dismiss the complaint, arguing that the merger extinguished the...

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