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1
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MEMORANDUM OF LAW IN SUPPORT OF MOTION FOR ENTRY OF CONFIDENTIALIY ORDER (REDACTED)
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EXTRACTED KEY WORDS
MATERIALS DEPOSITION PROPOSED ORDER PUBLICKER PROTECTION SHAREHOLDERS DISCOVERY DEFENDANTS PARAGRAPH LAW DESIGNATION EXCERPTS COURT NISOURCE EXHIBIT DENGEL AFFIDAVIT DELAWARE PLAINTIFFS TESTIMONY BEEBY DIRECTORS CEG DISSEMINATION MOTION TENDER BUSINESS INFORMATION DISCLOSURE PRESUMPTION REASONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
NISOURCE INC., NISOURCE CAPITAL
MARKETS, INC. and CEG ACQUISITION :
CORP.,
Plaintiffs, :
C.A. No. 17341-NC
V. ::
COLUMBIA ENERGY GROUP,
RICHARD F. ALBOSTA, ROBERT H. F; EI Q.&f-J- Ei E:'
BEEBY, WILSON K. CADMAN, JAMES P. :
HEFFERNAN, KAREN L. HENDRICKS,
MALCOLM T. HOPKINS, J. BENNETT :
JOHNSTON, MALCOLM JOZOFF, :
WILLIAM E. LAVERY, GERALD E. MAYO, : `- ~
1 .-
DOUGLAS E. OLESEN AND OLIVER G. :
RICHARD III, -i . .
_
Defendants. : i ..)
c ,
IMEMORANDUM OF LAW IN SUPPORT OF PLAINTIFFS' MOTION
FOR THE ENTRY OF A CONFIDENTIALITY ORDER PERMITTING
DISSEMINATION OF NON-PRIVILEGED, NON-CONFIDENTIAL
MATERIALS AND OPPOSING THE DESIGNATION OF
CERTAIN DEPOSITION TESTIMONY AS CONFIDENTIAL
Of Counsel Robert K. Payson
Arthur L. Dent
Paul E. Dengel Philip A. Rovner
SCHIFF HARDIN & WAITE Gregory M. Johnson
6600 Sears `Tower POTTER ANDERSON & CORROON LLP
Chicago, Illinois 60606 Hercules Plaza
13 13 N. Market Street, Sixth Floor
Michael J. Chepiga Post Office Box 95 1
Joseph M. h4cLaughlin Wilmington, Delaware 19899
SIMPSON THACHER & BARTLETT 302-984-6000
425 Lexington Avenue
New York, New York 100 17 Attorneys for Plaintiffs NiSource Inc., NiSource
' Capital Markets, Inc. and CEG Acquisition Corp.
.Dated: October 8, 1999
SNIPPETS:
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2
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LETTER OPINION
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EXTRACTED KEY WORDS
DISCOVERY VALUATION NISOURCE THREAT COURT DEFENDANTS CEG REQUEST DISCLOSURE SHAREHOLDERS CONFIDENTIALITY DEL STOCK TARGET INJURY PRICE INTERNAL VALUATIONS CHANCERY BALANCE PARTIES EXCEEDS PREMIUM REASONS LITIGATION CONSULTANTS ADVISORS REPORTS DISCRETION AUTHORITY DENY PLAINTIFFS |
C OURT O F C H A N C E R Y
OF THE
S TATE O F D E L A W A R E
W ILLIA M 13. CHANDLER III September 24, 1999 T H E F AMIL Y
G E O RG E T O W
Robert K. Payson
Potter Anderson & Corroon LLP
P.O. Box 95 1
Wilmington, Delaware 19899
R. Franklin Balotti
Richards, Layton & Finger
P.O. Box 551
Wilmington, Delaware 19899
i, ,I`_(
Re: NiSource &pl'ial ka~fl~~s&nc., et al.
v. Columbia Energy k&A$, et al.
Civil Action No. 17341
Dear Counsel:
These actions were brought by NiSource Capital Markets, Inc., a
hostile bidder, and plaintiff shareholders against a target, Capital Energy
Group, seeking to challenge the validity of a share repurchase program and
other defensive measures. NiSource and the plaintiff shareholders now ask
the Court to compel production of highly confidential financial information
that CEG had previously redacted fi-om financial reports and board minutes
already disclosed to the plaintiffs. After carefully considering the arguments
you made during our teleconference of September 14, 1999, I have
concluded that plaintiffs' motion to compel production of CEG's valuation
information should be denied.
Court of Chancery Rule 26(b) affords this Court broad discretion in
determining the scope of discovery in a particular case. Ct. Ch. R. 26. The
phrase "[ulnless otherwise limited by order of the Court . . ." indicates this
discretion. Court of Chancery Rule 26(c), authorizing the Court to enter
protective orders as "justice requires," evidences the Court's discretionary
authority as well. Moreover, this Court has previously held that the
application of the discovery rules is subject to the exercise of the Court's
sound discretion. Dam v. Chgder Corp., Del. Ch., 166 A.2d 43 1 (1960).
SNIPPETS:
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3
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PLAINTIFFS ANSWERING BRIEF IN OPPOSITION TO DEFENDANTS MOTION TO DISMISS
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EXTRACTED KEY WORDS
CEG PLAINTIFFS MOTION COURT NISOURCE DISMISS TENDER REPURCHASE PROGRAM FACTS DEL CEG ACQUISITION BUSINESS SHARES DELAWARE CEG BOARD PRELIMINARY INJUNCTION SHAREHOLDERS INJUNCTIVE RELIEF COMPLAINT INADEQUATE DIRECT RESPONSE ALTERNATIVE REQUEST OPPOSITION OVERTURES THRESHOLD FIDUCIARY DUTIES REJECTED DEFENDANTS DIRECTORS STOCKHOLDERS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
NISOURC:: INC., NISOURCE CAPITAL
MARKETS INC. and CEG ACQUISITION CORP. )
>
Plaintiffs, >>
V. >
> Civil Action No. 1734 1 -NC
COLUMBIA ENERGY GROUP, RICHARD >
F. ALBOS'TA, ROBERT H. BEEBY, >
WILSON I;. CADMAN, JAMES P. >
HEFFERNAN, KAREN L. HENDRICKS, >
MALCOLIti T. HOPKINS, J. BENNETT >
JOHNSTON, MALCOLM JOZOFF, >
WILLIAM E. LAVERY, GERALD E. MAYO, >
DOUGLAS E. OLESEN and OLIVER G. >
RICHARC III, >>
Defendants. >
PLAINTIFFS' ANSWERING BRIEF IN OPPOSITION
TO DEFENDANTS' MOTION TO DISMISS
OR, IN THE ALTERNATIVE, TO STAY
Robert K. Payson
Of Counse: : Arthur L. Dent
Philip A. Rovner
Paul E. De:rgel Gregory M. Johnson
SCHIFF H4RDIN & WAITE POTTER ANDERSON & CORROON LLP
6600 Sears Tower Hercules Plaza
Chicago, II, 60606 13 13 N. Market Street
(3 12) 25%:j500 P.O.Box951
Wilmington, Delaware 19899
Michael J. Chepiga
SIMPSON THACHER & BARTLETT Attorneys for Plaintiffs NiSource Inc.,
425 Lexington Avenue NiSource Capital Markets Inc. and
New York, NY 100 17 CEG Acquisition Corp.
(212) 455-ZOO0
Dated: Selltember 10, 1999
INTRODUZTION AND NATURE AND STAGE OF THE PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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4
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LETTER
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EXTRACTED KEY WORDS
WILLIAM COURT DEFENDANTS SHARES CEG TENDER PLAINTIFFS CHANCELLOR NISOURCE REPURCHASE PROGRAM STOCK HONORABLE WILLIAM DEL PARTIES SHAREHOLDERS SATISFY LAW CONTRACT INJUNCTIVE RELIEF ACQUIRER PURCHASING CEG OUTSTANDING MANDATE CLASS ACTION JOHN GREGORY MICHAEL RESPONSE RELATING |
POTTER A NDERSON & CORROON
.
H E R C U
/
HARLES 5. CROMPTON. w. LAlRD STABLER. 111 P.O.
. SINCLAIR EMILIE R. NINAN
3BERT K. PAYSON R I C H A R D L . HORWITZ
T. PHILLIPS * GREGORY J. FEULNER
LONARD 5. TOGUAN W,LL,AU J MARSDEN. JR. W I L M I N G T O N , D E
UGH CORROON DEBORAH A. CUOCO
CHARD E. POOLE MICHAEL B. TUMAS
EOGHEGAN ANDREW T. O'NEILL
,CHAEL D. GOLDMAN KATHLEEN FUREY McDONOUGH l30.2)
. McUAHON JOHN A. ClCCARONE
C,UES F . BURNETT LAURIE SELBER SILVERSTEIN
OF COUNSEL GREGORY M. J O H N S O N
ANlEL F. WOLCOTT. JR. PETER J. WALSH. JR. F A C S I M I L E
T P. BARNET -ALISHA K. HINER
HARLES 5. M CDOWELL S TE PH E N C. N O R M A N
JOHN J. OUINN. 111
Et. KEEHAN
AVID B. BROWN ARTHUR L. DENT tiOME PAGE:
"`M I C H A E L A . S T E I N B E R G
OUERS 5. PRICE. JR. H
STABLER. JR.
AROL D I. SALMONS. III
COUNSEL ALlssA BALOTTI ANDERSON
ONALD J. WOLFE. JR. WICUAM R D E N N Y E-MAIL:
NICHOLAS I. FRO,0
REGORY A. INSKIP PH,L,P A. ROVNER
H. ALTERGOTT
DIRECT DIAL:
WILLIAM J. DORGAN
A",D J. BALDWIN JENN,FER GIMLER BRADY
W_ENDY K. VOSS PETER R. MACLEOD
E SHANNON
OHN E. JAMES SCOTT E. WAXMAN
BRIAN C. RALSTON
H A R D I N G DRANE. JR. J O A N N E CEBAI-LOS
GOODMAN ELIHU E. ALL,NSON. III
ARY E. COPPER MARK A. MORTON
PITTENGER
FlSCHER
HAZELTINE
SNIPPETS:
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5
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VERIFIED COMPLAINT
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EXTRACTED KEY WORDS
TENDER DEFENDANTS NISOURCE BUYBACK STOCK PLAINTIFFS ACQUISITION SHARES COMMON STOCK RESPONSE PURCHASE SHAREHOLDERS COURT RICHARD MERGER INJUNCTIVE RELIEF DEFENDANT COLUMBIA ENERGY OPEN MARKET DIRECTORS AGREEMENTS ANNUAL MEETING AVERAGE TRADING PRICE COMMON STOCK PURSUANT UNDERSIGNED ATTORNEYS COMPLAINT PERMANENT INJUNCTIVE RELIEF ENJOINING DEFENDANTS BUYBACK PROGRAM COLUMBIA ENERGY GROUP |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
NISOURCE INC., NISlOURCE CAPITAL >
MARKETS INC. and CEG ACQUISITION CORP., )
>
Plaintiffs, >>
V. > ' >J ?+I !
> Civil Action No. : .
COLUMBIA. ENERGY GROUP, RICHARD >
F. ALBOSTA, ROBERT H. BEEBY, >
WILSON K. CADMAN, JAMES P. HEFFERNAN, >
KAREN L. HENDRICKS, MALCOLM T. >
HOPKINS, J. BENNETT JOHNSTON, >
MALCOLM JOZOFF, WILLIAM E. LAVERY, >
GERALD E. MAYO, DOUGLAS E. (OLESEN and >
OLIVER G. RICHARD III, >
>
Defenda:nts. >
VERIFIED COMPLAINT
Plaintiffs NiSource Inc. ("NiSource"), NiSource Capital Markets Inc.
("NCM"), and CEG Acquisition Corp. ("Acquisition Corp.") (collectively, "Plaintiffs"),
by their undersigned attorneys and upon knowledge as to themselves and otherwise upon
information and belief, state as follows for their complaint against defendants:
1. This is an action for preliminary and permanent injunctive relief
enjoining defendants from carrying out a share buyback program (the "Buyback")
approved by the board of defendant Columbia Energy Group ("CEG" or the "Company")
on or about July 14, 1999, authorizing the expenditure of up to $400 million for the
purchase of shares of CE:G common stock on the open market. Injunctive relief is
necessary because the Buyback constitutes an invalid and illegal defensive measure in
response to the tender offer announced by plaintiffs NiSource and Acquisition Corp. on
June 24, 1999 and commenced on June 25, 1999 (the "Tender Offer"), for all outstanding
shares of CEG for $68 c.ash. As detailed below, the Buyback constitutes a violation of
SNIPPETS:
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