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WOOD v. U.S. BANK NAT. ASSOCIATION

C.A. No. 2017-0034-JTL.

246 A.3d 141 (2021)

Charles David WOOD, Jr., and DNIC Insurance Holdings, Inc., individually and derivatively on behalf of Lonestar Holdco, LLC; and Freestone Insurance Company in Liquidation, through its Receiver, Plaintiffs, v. U.S. BANK NATIONAL ASSOCIATION, U.S. Bank Trust National Association, Alexander Burns, Southport Lane Management, LLC, Southport Lane, L.P., Southport Lane Advisors, LLC, Southport Lane Securities, LLC, Southport Intermediaries, LLC, Southport RE, LLC, Southport Lane Genesis L.P., Southport Insurance Holdings, LLC, Southport Specialty Finance, LLC, Southport Asset Finance, LLC, Southport Equity I, LLC, The Dalmore Group, LLC, Dalmore Financial, LLC, Administrative Agency Services, LLC, Heartland Family Group, LLC, Glenn Weber, Darren Fortunato, and Joel Plasco, Defendants, and Lonestar Holdco, LLC, Nominal Defendant.

Court of Chancery of Delaware.

Date Decided: February 4, 2021.

Attorney(s) appearing for the Case

Michael W. Teichman , Elio Battista, Jr. , Judy M. Jones , PARKOWSKI, GUERKE & SWAYZE, P.A., Wilmington, Delaware; Eric P. Haas , GARDNER HAAS PLLC, Dallas, Texas; Attorneys for Plaintiffs.

Paul D. Brown , CHIPMAN BROWN CICERO & COLE, LLP, Wilmington Delaware; William B. Kerr , KERR, LLP, New York, New York; Attorneys for Defendants Alexander Burns and Heartland Family Group, LLC.

OPINION

Through Heartland Family Group, LLC, Alexander Burns controlled Southport Lane, L.P., and its affiliates (the "Southport Entities"). Using Lonestar Holdco LLC, the Southport Entities acquired two companies: Redwood Reinsurance SPC, Ltd., and Freestone Insurance Company.

The plaintiffs contend that beginning...

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