WASHINGTON v. PREFERRED COMMUN. SYSTEMS

No. 436, 2016.

157 A.3d 1226 (2017)

Joseph L. WASHINGTON, James F. Solic, James Washington, Jr., Laura M. Odell, and Arlene Beth Clarke, Plaintiffs Below, Appellants, v. PREFERRED COMMUNICATION SYSTEMS, INC., Defendant Below, Appellee.

Supreme Court of Delaware.

Decided: February 27, 2017.


Attorney(s) appearing for the Case

Evan O. Williford, Esquire , Andrew J. Huber, Esquire , The Williford Firm LLC, Wilmington, Delaware; Dennis M. Holmgren, Esquire , (Argued), Holmgren Johnson: Mitchell Madden, LLP, Dallas, Texas, for Appellants Joseph L. Washington, James F. Solic, James Washington, Jr., Laura M. Odell, and Arlene Beth Clarke.

Gary W. Lipkin, Esquire , (Argued), Aimee M. Czachorowski, Esquire , Eckert Seamans Cherin & Mellott, LLC, Wilmington, Delaware, for Appellee Preferred Communication Systems, Inc.

Before STRINE, Chief Justice; HOLLAND, VALIHURA, VAUGHN, and SEITZ, Justices, constituting the Court en Banc.


I.

In this case, noteholders succeeded in securing warrants that the issuer of the notes had promised as a result of the resolution of a previous event of default. When addressing the merits, the Court of Chancery held that the promise of warrants had become a right of...

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