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MANICHAEAN CAPITAL v. EXELA TECHNOLOGIES

C.A. No. 2020-0601-JRS.

251 A.3d 694 (2021)

MANICHAEAN CAPITAL, LLC, Charles Cascarilla, Emil Khan Woods, LGC Foundation, Inc. and Imago Dei Foundation, Inc., Plaintiffs, v. EXELA TECHNOLOGIES, INC., Ex-Sigma LLC, Banctec (Puerto Rico), Inc., Banctec Group, LLC, Banctec Intermediate Holding, Inc., Banctec, Inc., BillSmart Solutions, LLC, BTC International Holdings, Inc., BTC Ventures, Inc., Charter Lason, Inc., CorpsourceHoldings, LLC, Deliverex LLC, DFG UK, LLC, DFG2 Holdings, LLC, DFG2, LLC, Economic Research Services, Inc., Exela Intermediate Holdings LLC, Exela Intermediate LLC, Exela Finance Inc., Exela Enterprise Solutions, Inc., Exela Receivables Holdco LLC, Exela RE LLC, Exela Receivables 1, LLC, Exela Receivables 2, LLC, FTS Parent, Inc., HOV Enterprise Solutions, Inc., HOV Services, Inc., HOV Services, LLC, J&B Software, Inc., Kinsella Media, LLC, Lason International, Inc., Managed Care Professional, LLC, Pangea Acquisitions, Inc., RC4 Capital, LLC, Regulus America, LLC, Regulus Group II, LLC, Regulus Group, LLC, Regulus Holding, Inc., Regulus Integrated Solutions, LLC, Regulus West, LLC, Rustic Canyon III, LLC, Sourcecorp Bps, Inc., Sourcecorp Bps Northern California Inc., SourceHOV Healthcare, Inc., SourceHOV Holdings, Inc., SourceHOV LLC, Sourcecorp Legal, Inc., Sourcecorp, Incorporated, Trac Holdings, LLC, Transcentra, Inc., United Information Services, Inc., Sourcecorp Management, Inc., Defendants.

Court of Chancery of Delaware.

Date Decided: May 25, 2021.

Attorney(s) appearing for the Case

Rudolf Koch, Esquire , Matthew W. Murphy, Esquire and Andrew L. Milam, Esquire of Richards, Layton & Finger, P.A., Wilmington, Delaware; Samuel J. Lieberman, Esquire and Alexander H. McCabe, Esquire of Sadis & Goldberg LLP of New York, New York; and Steven K. Davidson, Esquire , Michael J. Baratz, Esquire , Claire Schachter, Esquire and Lauren Goldschmidt, Esquire of Steptoe & Johnson LLP, Washington, DC, Attorneys for Plaintiffs.

T. Brad Davey, Esquire , Matthew F. Davis, Esquire and Andrew H. Sauder, Esquire of Potter Anderson & Corroon LLP, Wilmington, Delaware and Jennifer Barrett, Esquire , Dennis H. Hranitzky, Esquire and Blair Adams, Esquire of Quinn Emanuel Urquhart & Sullivan, LLP, New York, New York, Attorneys for Defendants.

OPINION

Under the Delaware General Corporation Law, a board of director's decision to cause the company it serves to merge leaves the company's stockholders with one of two options: participate in the merger as negotiated by the board, or dissent to the merger and seek statutory appraisal. It has not always been...

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