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FLETCHER INTERNATIONAL LTD. v. ION GEOPHYSICAL CORPORATION

Civil Action No. 5109-VCS.

FLETCHER INTERNATIONAL, LTD., Plaintiff, v. ION GEOPHYSICAL CORPORATION, f/k/a INPUT/OUTPUT, INC., ION INTERNATIONAL S.àr.l., and INOVA GEOPHYSICAL EQUIPMENT LIMITED, Defendants.

Court of Chancery of Delaware.

Decided: March 29, 2011.

Attorney(s) appearing for the Case

Edward P. Welch, Esquire , Paul J. Lockwood, Esquire , SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, Wilmington, Delaware, Attorneys for Plaintiff.

Kenneth J. Nachbar, Esquire , R. Judson Scaggs, Jr., Esquire , Leslie A. Polizoti, Esquire , Albert J. Carroll, Esquire , MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware, Attorneys for Defendants.

MEMORANDUM OPINION

STRINE, Vice Chancellor.

I. Introduction

A preferred stockholder bargained for the right to consent to any issuance or sale of stock by a subsidiary of the parent corporation in which the preferred stockholder owns shares. The parent corporation reached an agreement with a strategic partner on a joint venture, formed a wholly owned subsidiary to that end, and then sold stock of that subsidiary directly from itself...

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