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1
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
KENETECH PRIDES DEFENDANTS HOLDERS VICE CHANCELLOR DELAWARE PREFERREDL KOHLS OPINION ASSETS QUADRANGLE RIGHTS ESQUIRE DIVIDENDS SELLING PURPORTED CLASS CONTRACT LITIGATE BUSINESS LIQUIDATION REPRESENTING JUDGEMENT COLLATERAL ESTOPPEL VICE CHANCELLOR STEELE PREFERENTIAL DISTRIBUTION PRIOR SUIT CERTIFICATE RES JUDICATA FIDUCIARY DUTY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ~3'. I
,4;
, . . (I
r
IN AND FOR NEW CASTLE COUNTY
ROBERT 1,. KOHLS and LOUISE A.
KO`HLS)
Plaintiffs,
V. > Civil A&ion No. 17763-NC
KENETECH CORPORATION and MARK D. )
LERDAL, ANGUS M. DUTHIE, )
GERALD R. ALDERSON and CHARLES )
CHRISTENSON, > -..1. :, )
'
Defendants. :.~'
-
MEMORANDUM OPINION
Submitted: April 20, 2000
Decided: July 26, 2000
Edward M. McNally, Esquire and John T. Meli, Jr., Esquire, of MORRIS, JAMES,
HITCHENS & WILLIAMS LLP, Wilminton, Delaware, Attorneys for Plaintiffs.
Charles F. Richards, Jr., Esquire, Raymond J. DiCamillo, Esquire and Thad J.
Bra.cegirdle, Esquire, of RICHARDS, LAYTON & FINGER, Wilmington, Delaware,
Attorneys for Defendants.
LA MB, Vice Chancellor
I . INTRODUCTION
IPlaintiffs bring this purported class action on behalf of all holders as of
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2
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DEFENDANTS OPENING BRIEF IN SUPPORT OF MOTION TO DISMISS THE AMENDED COMPLAINT
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EXTRACTED KEY WORDS
PLAINTIFFS DEL COURT RIGHTS CERTIFICATE DESIGNATIONS PREFERRED STOCKHOLDERS KENETECH COMPLAINT BREACH DELAWARE CONTRACT SUPR QUADRANGLE JUDGEMENT PRIDES CLASS COMP COMMON STOCK BRACEGIRDLE MANDATORY CONVERSION DEFENDANTS SHAREHOLDERS FIDUCIARY DUTY OUTSTANDING DISTRIBUTION COMPLAINT FAILS CHILD SUPPORT ENFORCEMENT DISSOLUTION DELAWARE LAW |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT L. KOHLS and LOUISE A. KOHLS, )
Plaintiffs,
V. ) C.A. No. 17763
j
KENETECH CORPORATION and MARK i
D. LERDAL, ANGUS M. DUTHIE,
GERALD R. ALDERSON and CHARLES ;
CHRISTENSON,
;
Defendants. >
DEFENDANTS' OPENING BRIEF IN SUPPORT OF THEIR : '
MOTION TO DISMISS THE AMENDED COMPLAINT '
Charles F. RichLards, Jr.
Raymond J. DiCamillo
Thad J. Bracegirdle
Richards, Layton & Finger
One Rodney Square
P.O. Box 551
Wilmington, Dlslaware 19899
(302) 658-654.1
Attorneys for Defendants
Dated: March 20, 2000
RLFI-2130389-I
TABLE OF CONTENTS
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3
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DEFENDANTS OPENING BRIEF IN SUPPORT OF MOTION TO STAY DISCOVER
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EXTRACTED KEY WORDS
MOTION DEFENDANTS DEL DISMISS DOCUMENTS REFERRING KENETECH DISCOVERY PENDING KOHLS PRIDES PLAINTIFFS QUADRANGLE CHANDLER RELATING COMPLAINT LIQUIDATION OPENING SUPPORT DISCOVERY PENDING RESOLUTION COMMON STOCK MANDATORY CONVERSION NATIONAL UNION FIRE COMMUNICATION LIQUIDATION PREFERENCE DISPOSITIVE MOTION CLASS COMP DOCUMENT REQUEST DISTRIBUTION ABB FLAKT AMERSIG GRAPHICS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT L. KOHLS and LOUISE A. KOHLS, )
` .
Plaintiffs, i
r,
V. ; C.A. No. 17763 c..>
7
KENETECH CORPORATION and MARK ; - `,--
D. LERDAL, ANGUS M. DUTHIE, . .
:. _
GERALD R. ALDERSON and CHARLES 1 - .z CD
PO
CHRISTENSON, >
Defendants. >
DEFENDANTS' OPENING BRIEF IN SUPPORT OF THEIR MOTION TO
STAY DISCOVERY PENDING RESOLUTION OF THEIR MOTION TO DISMISS
Charles F. Rich.ards, Jr.
Raymond J. DiCamillo
Thad J. Bracegirdle
Richards, Layton & Finger
One Rodney Square
P.O. Box 551
Wilmington, Delaware 19899
(302) 658-654.1
Attorneys for Defendants
Dated: March 20, 2000
RLFl-2133066-l
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4
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ANSWER TO FIRST AMENDED COMPLAINT
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EXTRACTED KEY WORDS
COMPLAINT PARAGRAPH DEFENDANTS DENY DEFENDANTS ADMIT KENETECH COURT RESPECTFULLY REFER CERTIFICATE THEREOF RESPONSIVE PLEADING THIRD SENTENCES DESIGNATIONS KENETECH BOARD COMPLAINT SET OFTHE STOCK LIQUIDATION FINANCING PREFERENCES CONVERSION ECOELCCTRICA PLAINTIFFS COMMON STOCK STOCKHOLDER COMMITTEE LIQUIDATION ANALYSIS FINANCIAL PROBLEMS ASSETS SALE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT L. KOHLS and LOUISE A. KOHLS, ) _
:' :
Plaintiffs, i
y
V. ; C.A. No. 17763
KENETECH CORPORATION and MARK i
/
D. LERDAL, ANGUS M. DUTHIE, -. j
-; . ;
GERALD R. ALDERSON and CHARLES t -+._
CHRISTENSON, )
Defendants. i
ANSWER TO FlRST AMENDED COMPLAINT
Defendants KENETECH Corporation ("KENETECH"), Angus M. Duthie, Mark D. Lerdal,
Gerald R. Alderson and Charles Christenson hereby answer the first amended complaint (the
"Complaint") herein as follows:
NATURE OF THE ACTION
1. Defendants admit the allegations contained in paragraph 1 of the Complaint
2. Defendants admit the allegations contained in the first and second sentences of
paragraph 2 of the Complaint. Defendants deny the allegations contained in the third sentence of
paragraph 2 of the Complaint, except defendants respectfully refer the Court to the Certificate of
Designations, Preferences, Rights and Liabilities of Preferred Redeemable Increased Dividend
Equity Securities 8-l/4% PRIDES Convertible Preferred Stock of KENETECH (the "Certificate of
Designations") for the contents thereof.
3. Defendants deny the allegations contained in paragraph 3 of the Complaint, except
defendants respectfully refer the Court to the Certificate of Designations for the contents thereof.
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5
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FIRST AMENDED COMPLAINT
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EXTRACTED KEY WORDS
PRIDES STOCK BUSINESS SHARES DIVIDENDS EQUITY KOHLS SALE HOLDERS COMMON STOCK DEFENDANTS ECOELECTRICA WIND-POWERED ELECTRICITY GENERATION BUSINESSES PLANT SENIOR NOTES FIRST AMENDED COMPLAINT PREFERRED STOCK CERTIFICATE DESIGNATIONS FIDUCIARY DUTY DIRECTORS PLAINTIFFS CONVERSION INVOLUNTARY CONVERSION KWI ATTORNEYS HOLDING COMPANY LIQUIDATION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT L. KOHLS and LOUISE A.
KOHLS, i
Plaintiffs, i
V. 1 Civil Action No. 177$3:NC
>
KENETECH CORPORATION and 1
MARK D. LERDAL, ANGUS M. 1
DUTHIE, GERALD R. ALDERSON and )
CHARLES CHRISTENSON, 1
Defendants. _ ;
FIRST AMENDED COMPLAINT
Plaintiffs, Robert L. Kohls and Louise A. Kohls (collectively "Plaintiffs"),
by and through their attorneys, allege as follows:
NMURE OF THE ACTION
1. KENETECH Corporation ("KENETECH" or the "Corporation") is
a corporation organized and existing under the laws of the State of Delaware.
KENETECH was formed as a holding company whose businesses historically consisted
of developing turbines and plants for wind-powered electricity generation and later
developing independent thermal power projects, among other businesses.
2. In 1994, KENETECH received approximately $100 million upon
the sale of 102,492 shares of preferred stock known as Preferred Redeemable Increased
Dividend Equity Securities ("PRIDES"). KENETECH issued the PRIDES primarily to
fund the growth of its wind-power business and as a way of obtaining capital that would
appear on its balance sheet as equity rather than debt. The PRIDES have the key
characteristics of preferred stock, including a fixed rate of return and the right to receive
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