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SV INV. PARTNERS, LLC v. THOUGHTWORKS, INC.

No. 107, 2011.

37 A.3d 205 (2011)

SV INVESTMENT PARTNERS, LLC, Schroder Ventures U.S. Fund L.P. 1, Schroder Ventures U.S. Fund L.P. 2, Sitco Nominees, Ltd. VC04001 and SV (Nominees) Limited, Plaintiffs Below-Appellants, v. THOUGHTWORKS, INC. a Delaware Corporation, Defendant Below-Appellee.

Supreme Court of Delaware.

Decided: November 15, 2011.

Attorney(s) appearing for the Case

Martin S. Lessner, Esquire , Danielle Gibbs, Esquire and Tammy L. Mercer, Esquire of Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Of Counsel: Daniel M. Abuhoff, Esquire (argued), David W. Feder, Esquire , and Young K. Lee, Esquire , of Debevoise & Plimpton LLP, New York, NY, for Appellants.

Kenneth J. Nachbar, Esquire (argued), Megan Ward Cascio, Esquire , Christine Dealy Haynes, Esquire and Eric S. Wilensky, Esquire , of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE, for Appellee.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS, and RIDGELY, Justices, constituting the Court en Banc.

RIDGELY, Justice:

SV Investment Partners, LLC and an affiliated group of investment funds (collectively "SVIP") brought this action in the Court of Chancery against Thought-Works, Inc. for a declaratory judgment of the meaning of the phrase "funds legally available" as it relates to ThoughtWorks' obligation under its Amended Charter to redeem Series A Preferred Stock. The Preferred Stock was issued by Thought-Works in exchange for a $26.6 million investment and a...

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