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IN RE ALTABA, INC.

C.A. No. 2020-0413-JTL.

241 A.3d 768 (2020)

IN RE ALTABA, INC.

Court of Chancery of Delaware.

Date Decided: October 19, 2020.

Attorney(s) appearing for the Case

Paul J. Lockwood , Arthur R. Bookout , Matthew P. Majarian , Gregory P. Ranzini , SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, Wilmington, Delaware; Attorneys for Petitioner Altaba Inc.

Albert H. Manwaring, IV , Kirsten A. Zeberkiewicz , MORRIS JAMES LLP, Wilmington, Delaware; Attorneys for Claimant Droplets, Inc.

Thad J. Bracegirdle , BAYARD, P.A., Wilmington, Delaware; Attorneys for Claimant ESRT Empire State Building, L.L.C.

Christopher P. Simon , Kevin S. Mann , David G. Holmes , CROSS & SIMON, LLC, Wilmington, Delaware; E.F. Anthony Merchant, Q.C. , MERCHANT LAW GROUP LLP, Regina, Saskatchewan; Attorneys for Claimant Emily Larocque.

Evan W. Rassman , REGER RIZZO & DARNALL LLP, Wilmington, Delaware; Michael F. Long , WATKINS & LETOFSKY, LLP, Santa Ana, California; Attorneys for Claimant State Farm General Insurance Company.

Michael A. Pittenger , Berton W. Ashman, Jr. , David A. Seal , POTTER ANDERSON & CORROON, LLP, Wilmington, Delaware; William Savitt , Adam M. Gogolak , WACHTELL, LIPTON, ROSEN & KATZ, New York, New York; Attorneys for Claimants Verizon Communications Inc. and Oath Holdings Inc.

A. Thompson Bayliss , ABRAMS & BAYLISS LLP, Wilmington, Delaware; California Franchise Tax Board.

Laura D. Hatcher , THE UNITED STATES DEPARTMENT OF JUSTICE, Wilmington, Delaware; Richard E. Zuckerman , Dennis M. Donohue , Catriona M. Coppler , THE UNITED STATES DEPARTMENT OF JUSTICE, Washington, D.C.; Attorney for Non-Party The United States of America.

Carsten Rosenow, San Diego, California; Pro Se Claimant.

OPINION

Petitioner Altaba, Inc. (the "Company") is pursuing dissolution under the framework established by Sections 280 and 281(a) of the Delaware General Corporation Law. The Company has moved for an order approving interim holdbacks and authorizing an interim distribution to stockholders. The language of Sections 280 and...

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