ENCITE LLC v. SONI

Civil Action No. 2476-VCG.

ENCITE LLC, Plaintiff, v. ROB SONI, JAMES DOW, RICK D. HESS, FRANKLIN WEIGOLD, ECHELON VENTURES, L.P., a Delaware limited partnership, ECHELON VENTURES SPECIAL LIMITED PARTNERS I, L.P., a Delaware limited partnership, and ECHELON VENTURES II, L.P., a Delaware limited partnership, Defendants, and ECHELON VENTURES, L.P., a Delaware limited partnership, ECHELON VENTURES SPECIAL LIMITED PARTNERS I, L.P., a Delaware limited partnership, and ECHELON VENTURES II, L.P., a Delaware limited partnership, Defendants/Third Party Plaintiffs, v. STEPHEN MARSH, Third Party Defendant.

Court of Chancery of Delaware.

Decided: November 28, 2011.


Attorney(s) appearing for the Case

David A. Jenkins , Michele C. Gott , Kathleen M. Miller , and Kelly A. Green , of SMITH KATZENSTEIN & JENKINS LLP, Wilmington, Delaware, Attorneys for Plaintiff.

Gregory B. Williams , Sheldon K. Rennie , and Nicholas G. Kondraschow , of FOX ROTHSCHILD LLP, Wilmington, Delaware; OF COUNSEL: Stephanie Resnick , of FOX ROTHSCHILD LLP, Philadelphia, Pennsylvania, Attorneys for Director Defendants.

Kurt M. Heyman and Patricia L. Enerio, PROCTOR HEYMAN LLP, Wilmington, Delaware; OF COUNSEL: Kenneth S. Leonetti and Matthew E. Miller , of FOLEY HOAG LLP, Boston, Massachusetts, Attorneys for Echelon.

Mary F. Caloway , of BUCHANAN INGERSOLL & ROONEY, Wilmington, Delaware; OF COUNSEL: Gerald E. Burns and Joseph R. Loverdi , of BUCHANAN INGERSOLL & ROONEY, Philadelphia, Pennsylvania, Attorneys for Third Party Defendant.


MEMORANDUM OPINION

GLASSCOCK, Vice Chancellor.

This case involves a claim for breach of the fiduciary duty of loyalty. At the center of this dispute are the assets (mostly intellectual property) of Integrated Fuel Cell Technologies, Inc. ("IFCT" or the "Company"), a now-defunct tech startup company founded by Stephen Marsh to develop potentially revolutionary micro fuel cell technology. This technology, if perfected, could have replaced...

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