WAVEDIVISION HOLDINGS v. HIGHLAND CAPITAL

No. 649, 2011.

49 A.3d 1168 (2012)

WAVEDIVISION HOLDINGS, LLC and Michigan Broadband, LLC, Plaintiffs Below-Appellants, v. HIGHLAND CAPITAL MANAGEMENT, L.P., Trimaran Capital Partners, L.P., Highland Floating Rate Advantage Fund, a Delaware statutory trust; Highland Crusader Fund GP, L.P., a Delaware limited partnership; and Pioneer Floating Rate Trust, a Delaware statutory trust, Defendants Below-Appellees.

Supreme Court of Delaware.

Decided: July 19, 2012.


Attorney(s) appearing for the Case

Gary F. Traynor, Esquire , and Tayna E. Pino, Esquire , of Pricket, Jones & Elliot, P.A., of Wilmington, Delaware; Of Counsel: Don Paul Badgley, Esquire , and Randall Johnson, Esquire (argued), of Badgley-Mullins Law Group, of Seattle, Washington, for Appellants.

Daniel K. Hogan, Esquire , of The Hogan Firm, of Wilmington, Delaware; Of Counsel: Paul B. Lackey, Esquire (argued), and Michael P. Aigen, Esquire , of Lackey Hershman LLP, of Dallas, Texas, for Appellees Highland Capital Management, L.P., Highland Crusader Offshore Partners, L.P., and Highland Crusader Fund GP L.P.

Stephen B. Brauerman, Esquire , and Justin R. Alberto, Esquire , of Bayard, P.A., of Wilmington, Delaware; Of Counsel: Arthur H. Ruegger, Esquire (argued), of SNR Denton US LLP, of New York, New York, for Appellee Trimaran Capital Partners, LLC.

Michael F. Bonkowski (argued), Esquire , of Cole Schotz Meisel Forman & Leonard, P.A., of Wilmington, Delaware, for Appellee Highland Floating Rate Advantage Fund.

Kenneth J., Nachbar, Esquire and Karl G. Randall, Esquire , of Morris, Nichols, Arsht & Tunnell LLP, of Wilmington, Delaware; Of Counsel: Frances S. Cohen, Esquire (argued), of Bingham McCutchen LLP of Boston, Massachusetts, for Appellee Pioneer Floating Rate Trust.

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


RIDGELY, Justice:

Plaintiffs-Below/Appellants WaveDivision Holdings, LLC and Michigan Broadband, LLC (collectively, "Wave") entered into two exclusive agreements with third-party Millennium Digital Media Systems, LLC ("Millennium") to purchase cable television systems from Millennium. Millennium terminated the agreements and instead pursued a refinancing with its note holders and senior lenders. In a separate proceeding,...

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