MARIE RAYMOND REVOCABLE TRUST and Richard and Sharon Brower, as Joint Tenants with Right of Survivorship, Plaintiffs,
v.
MAT FIVE LLC, Municipal Opportunity Fund Five LLC, Citigroup Inc., Citigroup Alternative Investments LLC, Citigroup Fixed Income Alternatives, and Reaz Islam, Defendants.
Court of Chancery of Delaware.https://leagle.com/images/logo.png
Submitted: December 15, 2008.
Decided: December 19, 2008.
Attorney(s) appearing for the Case
Joseph A. Rosenthal, Esquire, Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Samuel H. Rudman, Esquire, Robert M. Rothman, Esquire, Coughlin Stoia Geller Rudman & Robbins LLP, Melville, New York; David C. Watson, Esquire, Jonah H. Goldstein, Esquire, John J. Rice, Esquire, Shannon M. Matera, Esquire, Eric I. Niehaus, Esquire, Coughlin Stoia Geller Rudman & Robbins LLP, San Diego, California; Regina M. Ames, Esquire, Coughlin Stoia Geller Rudman & Robbins LLP, Los Angeles, California; Frank J. Johnson, Esquire, Johnson Bottini, LLP, San Diego, California; Dean T. Janis, Esquire, Janis Law Group, San Diego, California, Attorneys for the Plaintiffs.
David C. McBride, Esquire, Martin S. Lessner, Esquire, Christian Douglas Wright, Esquire, Kerrianne M. Fay, Esquire, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware; Brad S. Karp, Esquire, Charles E. Davidow, Esquire, Michael E. Gertzman, Esquire, Kristy M. Tillman, Esquire, Jonathan H. Hatch, Esquire, Paul Weiss Rifkind Wharton & Garrison LLP, New York, New York; Sean R. O'Brien, Esquire, Arkin Kaplan Rice LLP, New York, New York, Attorneys for the Defendants.
Henry A. Heiman, Esquire, Susan E. Kaufman, Esquire, Cooch and Taylor P.A., Wilmington, Delaware; Laurence M. Rosen, Esquire, Phillip Kim, Esquire, The Rosen Law Firm P.A., New York, New York; Kirk B. Hulett, Esquire, Blake Muir Harper, Esquire, Sarah P. Weber, Esquire, Hulett Harper Stewart LLP, San Diego, California, Attorneys for the Proposed Intervenors.
Court of Chancery of Delaware.
OPINION
LAMB, Vice Chancellor.
In June of 2005, Citigroup or one of its affiliates formed MAT Five LLC, a fund created to invest in Municipal Opportunity Fund Five LLC ("MOF Five"). MOF Five was created to make economically leveraged investments in fixed-rate, tax-exempt municipal bonds. The various portfolios within MAT Five required a minimum investment of either $250,000 or $500,000 and shares in the portfolios were sold to over 1,000 high net...
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