LYONDELL CHEMICAL COMPANY, Dan F. Smith, Carol A. Anderson, Susan K. Carter, Stephen I. Chazen, Travis Engen, Paul S. Halata, Danny W. Huff, David J. Lesar, David J.P. Meachin, Daniel J. Murphy And William R. Spivey, Defendants Below, Appellants,
v.
Walter E. RYAN, Jr., individually and on behalf of all others similarly situated, Plaintiff Below, Appellee.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Submitted: January 14, 2009.
Decided: March 25, 2009.
Revised: April 16, 2009.
Attorney(s) appearing for the Case
Jesse A. Finkelstein, Esquire, Thomas A. Beck, Esquire, Daniel A. Dreisbach, Esquire (argued), Harry Tashjian, IV, Esquire, Blake Rohrbacher, Esquire, Meredith M. Stewart, Esquire, and David Schmerfeld, Esquire, of Richards, Layton and Finger, P.A., Wilmington, Delaware; Of Counsel: David D. Sterling, Esquire and Paul R. Elliott, Esquire of Baker Botts L.L.P., Houston, Texas for Appellants Dan F. Smith, Carol A. Anderson, Susan K. Carter, Stephen I. Chazen, Travis Engen, Paul S. Halata, Danny W. Huff, David J. Lesar, David J.P. Meachin, Daniel J. Murphy and William R. Spivey.
Edward P. Welch, Esquire, Edward B. Micheletti, Esquire, Jenness E. Parker, Esquire, Rachel J. Barnett, Esquire of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware for Appellant Lyondell Chemical Company.
Pamela S. Tikellis, Esquire, Robert J. Kriner, Jr., Esquire (argued), A. Zachary Naylor, Esquire, Scott M. Tucker, Esquire, Tiffany J. Cramer, Esquire of Chimicles & Tikellis, LLP, Wilmington, Delaware; Of Counsel: Clinton A. Krislov, Esquire and Jeffrey M. Salas, Esquire of Krislov & Associates, Ltd., Chicago, Illinois for Appellee Walter E. Ryan, Jr.
Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the Court en Banc.
Supreme Court of Delaware.
BERGER, Justice.
We accepted this interlocutory appeal to consider a claim that directors failed to act in good faith in conducting the sale of their company. The Court of Chancery decided that "unexplained inaction" permits a reasonable inference that the directors may have consciously disregarded their fiduciary duties. The trial court expressed concern about the speed with which the transaction was consummated; the directors...
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