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AT&T CORP. v. LILLIS

Nos. 490, 2007, 459, 2007.

953 A.2d 241 (2008)

AT&T CORP., Defendant Below, Appellant, v. Charles LILLIS, Gary Ames, Richard Post, Frank Eichler Robert Crandall, Lou Simpson, Pierson Grieve, Richard McCormick, Janice Peters, Pearre Williams, Roger Christensen, Doug Holmes, Steven Boyd, Patti Klinge, Connie Campbell, Sharon O'Leary, Jim Taucher, Bud Wonsiewicz and Daniel Yohannes, Plaintiffs Below, Appellees. AT&T Corp., Defendant Below, Appellant, v. Charles Lillis, Gary Ames, Richard Post, Frank Eichler Robert Crandall, Lou Simpson, Pierson Grieve, Richard McCormick, Janice Peters, Pearre Williams, Roger Christensen, Doug Holmes, Steven Boyd, Patti Klinge, Connie Campbell, Sharon O'Leary, Jim Taucher, Bud Wonsiewicz and Daniel Yohannes, Plaintiffs Below, Appellees. Charles Lillis, Gary Ames, Richard Post, Frank Eichler Robert Crandall, Lou Simpson, Pierson Grieve, Richard McCormick, Janice Peters, Pearre Williams, Roger Christensen, Doug Holmes, Steven Boyd, Patti Klinge, Connie Campbell, Sharon O'Leary, Jim Taucher, Bud Wonsiewicz and Daniel Yohannes, Plaintiffs Below, Appellees/Cross Appellants, v. New Cingular Wireless Services, Inc., f/k/a AT&T Wireless Services, Inc., Defendant Below, Cross Appellee.

Supreme Court of Delaware.

Decided: May 22, 2008.

Attorney(s) appearing for the Case

A. Gilchrist Sparks, III (argued) and John P. DiTomo, Morris Nichols Arsht & Tunell LLP, Wilmington; Delaware; Todd Schiltz, Wolf Block Schorr and Solis-Cohen LLP, Wilmington, Delaware for Defendant Below, Appellant AT & T Corp.

Kevin Abrams and Nathan A. Cook, Abrams & Laster LLP, Wilmington, Delaware; Miranda S. Schiller (argued), Weil, Gotshal & Manges LLP, New York, New York pro hac vice for plaintiffs/appellees/cross appellants.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the court en banc.

STEELE, Chief Justice.

Plaintiffs-appellees, who are former directors and officers of MediaOne Corp., seek compensation for stock options1 that were cashed out in a 2004 merger between AT & T Wireless and Cingular. MediaOne originally granted its directors and officers options under a 1994 stock option plan. An anti-destruction, anti-dilution clause in that 1994 stock option plan preserved the option holders' "economic position" upon...

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