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GRAMERCY EMERGING MARKETS FUND v. ALLIED IRISH BANKS, P.L.C.

C.A. No. 10321-VCG.

GRAMERCY EMERGING MARKETS FUND, BALKAN VENTURES LLC, and RILA VENTURES LLC, Plaintiffs, v. ALLIED IRISH BANKS, P.L.C. and BULGARIAN-AMERICAN ENTERPRISE FUND, Defendants.

Court of Chancery of Delaware.

Decided December 30, 2016.

Attorney(s) appearing for the Case

Stephen B. Brauerman , Vanessa R. Tiradentes , and Sara E. Bussiere , of BAYARD, P.A., Wilmington, Delaware; OF COUNSEL: Sean F. O'Shea , Michael E. Petrella , Amanda L. Devereux , and Brian B. Alexander , of BOIES, SCHILLER & FLEXNER, New York, New York, Attorneys for Plaintiffs Gramercy Emerging Markets Fund, Balkan Ventures LLC, and Rila Ventures LLC.

Kevin R. Shannon , and Christopher N. Kelly , of POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; OF COUNSEL: Walter C. Carlson , and Elizabeth Y. Austin , of SIDLEY AUSTIN LLP, Chicago, Illinois, Attorneys for Defendant Allied Irish Banks, p.l.c.

Kenneth J. Nachbar , Ryan D. Stottmann , of MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, Delaware; OF COUNSEL: Brian D. Sieve , P.C., and Jessica L. Staiger , of KIRKLAND & ELLIS LLP, Chicago, Illinois, Attorneys for Defendant Bulgarian-American Enterprise Fund.

MEMORANDUM OPINION

The factual background of this case is baroque. The Plaintiffs are an investment fund—a corporate citizen of the Cayman Islands doing business out of Greenwich, Connecticut—and its two wholly-owned subsidiaries. The Plaintiffs owned 26% of a bank that is...

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