OTK ASSOCIATES, LLC, directly on its own behalf and derivatively on behalf of Morgans Hotel Group Co., Plaintiff,
v.
Robert FRIEDMAN, Thomas L. Harrison, Michael D. Malone, Michael J. Gross, Ronald W. Burkle, Jeffrey M. Gault, Andrew Sasson, Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P., Yucaipa Aggregator Holdings, LLC, and The Yucaipa Companies LLC, Defendants, and
Morgans Hotel Group Co., Nominal Defendant.
Court of Chancery of Delaware.https://leagle.com/images/logo.png
In March 2013, the board of directors (the "Board") of Morgans Hotel Group Co. ("Morgans" or the "Company") approved a two-part recapitalization involving The Yucaipa Companies, LLC ("Yucaipa"), an entity controlled by prominent investor Ronald W. Burkle. Despite not owning a mathematical majority of the Company's common stock, Yucaipa held a combination of securities and contract rights that, together with Yucaipa's board...
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