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En Banc Category

Chancery Court Finds Corwin Applicable to Merger Transaction Negotiated with 33.5% Stockholder

Sep. 10, 2018—Robert S. Reder | 72 Vand. L. Rev. En Banc 51 | In Re Rouse Properties, Inc. | Chancery Court Finds Corwin Applicable to Merger Transaction Negotiated with 33.5% Stockholder | PDF Link Download | Chancery Court Determines that large “minority blockholder” did not exhibit sufficient indicia of control to defeat application of Corwin.

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Chancery Court Holds that Defendant Directors’ Failure to Disclose Material Facts Defeated Application of Corwin, but Nevertheless Dismisses Claims Against Directors Due to Plaintiff’s Failure to Adequately Plead Directorial Breach of Their Duty of Loyalty

Aug. 16, 2018—Robert S. Reder & Elizabeth F. Shore | 72 Vand. L. Rev. En Banc 41 | Van Der Fluit v. Yates | Chancery Court Holds that Defendant Directors’ Failure to Disclose Material Facts Defeated Application of Corwin, but Nevertheless Dismisses Claims Against Directors Due to Plaintiff’s Failure to Adequately Plead Directorial Breach of Their Duty...

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Delaware Supreme Court Clarifies Pleading Standard in Post-Closing Damages Action Alleging Breach of “Revlon Duties”

Jul. 31, 2018—Robert S. Reder & Victoria L. Romvary | 72 Vand. L. Rev. En Banc 29 | Kahn v. Stern | Delaware Supreme Court Clarifies Pleading Standard in Post-Closing Damages Action Alleging Breach of “Revlon Duties” | PDF Download Link | But affirms Chancery Court finding that “side deals” for corporate insiders in connection with a...

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Chancery Court Again Grants Early Dismissal of Litigation Challenging Control Stockholder-Led Buyout

Jul. 31, 2018—Robert S. Reder | 72 Vand. L. Rev. En Banc 11 | Synutra | Chancery Court Again Grants Early Dismissal of Litigation Challenging Control Stockholder-Led Buyout | PDF Download Link | Chancery Court determines buyout followed “M&F Framework” even though initial offer failed to condition transaction on board committee and disinterested stockholder approval.

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Delaware Supreme Court Bars Buyer From Using Narrowly-“Cabined” Working Capital Adjustment To Attack Seller’s Alleged Non-Compliance With GAAP

Jul. 29, 2018—Robert S. Reder & William Pugh | 72 Vand. L. Rev. En Banc 19 | Chicago Bridge v. Westinghouse | Delaware Supreme Court Bars Buyer From Using Narrowly-“Cabined” Working Capital Adjustment To Attack Seller’s Alleged Non- Compliance With GAAP | PDF Download Link | When sellers and buyers successfully negotiate the terms for the sale...

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Chancery Court Declines to Apply Corwin to Forclose a Books and Records Inspection Under DGCL Section 220

Jul. 8, 2018—Robert S. Reder & Dylan M. Keegan | 72 Vand. L. Rev. En Banc 1 | Lavin v. West Corp. | Chancery Court Declines to Apply Corwin to Foreclose a Books and Records Inspection Under DGCL §220 | Download Link | Determines, as a matter of law, that Corwin should not preclude a stockholder’s “use...

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Documenting Bankrupted Slaves

May. 22, 2018—Documenting-Bankrupted-Slaves AUTHOR Rafael I. Pardo Robert T. Thompson Professor of Law, Emory University.

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Going Private: Climate Action by Businesses and Individuals

May. 9, 2018—Going-Private Reviewed: Michael P. Vandenbergh and Jonathan M. Gilligan, BEYOND POLITICS: THE PRIVATE GOVERNANCE RESPONSE TO CLIMATE CHANGE. Cambridge University Press 2017. AUTHOR Daniel A. Farber Sho Sato Professor of Law, University of California, Berkeley.

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Breaking the Binary: How Shifts in Eighth Amendment Jurisprudence Can Help Ensure Safe Housing and Proper Medical Care for Inmates with Gender Dysphoria

Apr. 18, 2018—Breaking-the-Binary ABSTRACT The Eighth Amendment prohibition against imposing cruel and unusual punishments requires correctional facilities to provide their inmates adequate medical care and reasonably safe housing accommodations. Those with gender dysphoria have unique needs and vulnerabilities related to housing and healthcare while incarcerated. Under the current framework for adjudicating inmates’ Eighth Amendment claims, defendants are...

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Delaware Court Summons Corwin to Dismiss Breach of Fiduciary Duty Claim Grounded in Allegations of Director Self-Interest in Connection with Merger

Apr. 4, 2018—Delaware-Court-Summons-Corwin-to-Dismiss-Breach-of-Fiduciary-Duty-Claim-Grounded-in-Allegations-of-Director-Self-Interest-in-Connection-with-Merger ABSTRACT Also determines that plaintiffs failed to adequately allege that atarget company board breached its duty of loyalty or acted in bad faith AUTHOR Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank, Tweed, Hadley & McCloy LLP in New...

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Delaware Court Determines Corwin Not Available to “Cleanse” Alleged Director Misconduct Due to “Structurally Coercive” Stockholder Vote

Apr. 4, 2018—Delaward-Court-Determines-Corwin-Not-Available-to-Cleanse-Alleged-Director-Misconduct-Due-to-Structurally-Coercive-Stockholder-Vote ABSTRACT Stockholder vote structured as a choice between accepting unrelated transactions benefiting a large stockholder or forgoing beneficial M&A transactions judged “structurally coercive” AUTHOR Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank, Tweed, Hadley & McCloy LLP in New...

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Delaware Supreme Court Reverses Dismissal of Fiduciary Breach Claims Against Target Company Directors

Apr. 4, 2018—Delaware-Supreme-Court-Reverses-Dismissal-of-Fiduciary-Breach-Claims-Against-Target-Company-Directors ABSTRACT Determines that Corwin did not warrant early dismissal because tendering stockholders were not “fully informed” of the reasons underlying Board Chairman’s abstention AUTHORS Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank, Tweed, Hadley & McCloy LLP in New...

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Delaware Supreme Court Refuses to Establish a Presumption Favoring Deal Price in Statutory Appraisal Proceedings

Feb. 19, 2018—Delaware-Supreme-Court-Refuses-to-Establish-a-Presumption-Favoring-Deal-Price-in-Statutory-Appraisal-Proceedings AUTHORS Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank, Tweed, Hadley & McCloy LLP in New York City since his retirement as a partner in April 2011. Blake C. Woodward Vanderbilt University Law School, JD Candidate, May 2018; B.A.,...

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Delaware Court Refuses to Enjoin Buyer From Terminating Merger Agreement Due to Failure of Closing Condition

Feb. 19, 2018—Delaware-Court-Refuses-to-Enjoin-Buyer-From-Terminating-Merger-Agreement-Due-to-Failure-of-Closing-Condition AUTHORS Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank, Tweed, Hadley & McCloy LLP in New York City since his retirement as a partner in April 2011. Nicole A. Dressler J.D./M.S. Finance Candidate at Vanderbilt University, will be starting...

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Delaware Court Refuses to Dismiss a “Material Adverse Effect” Claim Brought by an Unhappy Buyer

Feb. 7, 2018—Delaware Court Refuses to Dismiss a Material Adverse Effect Claim Brought by an Unhappy Buyer AUTHORS Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank, Tweed, Hadley & McCloy LLP in New York City since his retirement as a partner in...

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Delaware Court Rejects Claim that Directors Acted in Bad Faith By Selling Company Facing Activist Threat

Feb. 7, 2018—Delaware Court Rejects Claim that Directors Acted in Bad Faith By Selling Company Facing Activist Threat ABSTRACT Reaffirms high bar for proving that directors acted in conscious disregard of their obligations AUTHORS Robert S. Reder Professor of the Practice of Law at Vanderbilt University Law School, has been serving as a consulting attorney at Milbank,...

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