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CML V, LLC v. BAX

No. 735, 2010.

28 A.3d 1037 (2011)

CML V, LLC, individually and Derivatively on behalf of Jet Direct Aviation Holdings, LLC, Plaintiff Below Appellant, v. John BAX, Gregory S. Campbell, Louis Cappelli, Jane Garvey, Steven M. Hankin, Paul M. Harrington, Donald Hebb, Jeffrey P. Kelly, James W. Marley, Robert P. Pinkas, Peter Sinatra, Stephanie Zimmerman, and JetDirect Aviation Holdings LLC, Defendants Below Appellees, and JetDirect Aviation Holdings, LLC, Nominal Defendant Below Appellee.

Supreme Court of Delaware.

Decided: September 2, 2011.

Corrected: September 6, 2011.

Attorney(s) appearing for the Case

David A. Jenkins , Michele C. Gott of Smith, Katzenstein & Jenkins LLP, Wilmington, Delaware. Of Counsel: Michael J. Friedman and Gene C. Schaerr (argued), of Winston & Strawn LLP, New York, NY, for appellant.

A. Gilchrist Sparks III , (argued), and Ryan D. Stottmann of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware for appellees Gregory S. Campbell, Louis Cappelli, Jane Garvey, Paul M. Harrington, Donald Hebb, Jeffrey P. Kelly, James W. Marley, Peter Sinatra and Stephanie Zimmerman. Of Counsel: Jennifer Barrett and Hilary Ormond of Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY, for appellee Jeffrey P. Kelly.

Kevin S. Mann of Cross & Simon, LLC, Wilmington, Delaware. Of Counsel: Dan C. Kozusko of Wilkie Farr & Gallagher LLP, New York, NY, for appellees John Bax and Steven M. Hankin.

Alisa E. Moen of Blank Rome LLP, Wilmington, Delaware for Robert P. Pinkas.

Before STEELE, Chief Justice, HOLLAND, BERGER, RIDGELY, Justices and BRADLEY, Judge constituting the Court en banc.

STEELE, Chief Justice:

CML V, LLC (CML), a junior secured creditor of JetDirect Aviation Holdings, LLC, sued JetDirect's present and former officers directly and derivatively for breaching their fiduciary duties. The Vice Chancellor dismissed all four of CML's claims. Because CML, as a JetDirect creditor, lacked standing to sue derivatively on JetDirect's behalf, we affirm.

I. FACTS AND PROCEDURAL HISTORY

JetDirect Aviation Holdings LLC, a Delaware...

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