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WOOD v. BAUM

No. 621, 2007.

953 A.2d 136 (2008)

Paddy WOOD, Plaintiff Below, Appellant, v. Charles C. BAUM, Richard O. Berndt, Eddie C. Brown, Michael L. Falcone, Robert S. Hillman, Mark K. Joseph, Barbara B. Lucas, Douglas A. McGregor, Arthur S. Mehlman, and Fred N. Pratt, Jr., Defendants Below, Appellees, and Municipal Mortgage & Equity, LLC, a Delaware corporation, Nominal Defendant Below, Appellee.

Supreme Court of Delaware.

Decided: July 1, 2008.

Attorney(s) appearing for the Case

Carmella P. Keener, Esquire, of Rosenthal, Monhait & Goddess, P.A., Wilmington, Delaware; Of Counsel: Christopher S. Hinton, Esquire (argued), of The Hinton Law Firm, New York, New York; for Appellant.

Kenneth J. Nachbar, Esquire, of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware; Of Counsel: James B. Weidner, Esquire, of Clifford Chance U.S. LLP, New York, New York; Jon R. Roellke (argued), and Anthony R. Van Vuren, Esquires of Clifford Chance U.S. LLP, Washington, D.C.; for Appellees.

Before STEELE, Chief Justice, HOLLAND and JACOBS, Justices.

JACOBS, Justice.

Paddy Wood, the plaintiff below, appeals from the dismissal by the Court of Chancery of her derivative action on behalf of Municipal Mortgage & Equity, LLC ("MME"). For the reasons set forth, we affirm.

FACTS

MME, a Delaware limited liability company with its principal place of business in Baltimore, Maryland, "provides debt and equity financing to various parties, invests in tax-exempt bonds and other housing-related...

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