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1
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
PLAN DEFENDANTS SHARES VALLEY RECAPITALIZATION COMMON DIRECTORS SHAREHOLDERS OPINION DEL STOCK PROXY STATEMENT VOTE LLP DISCLOSURE PENNSYLVANIA BUSINESS JUDGMENT RULE BROOKE GROUP PLAINTIFFS ALLEGE FAIRNESS OPINION ATTORNEYS ALLEGATIONS PREFERRED SHARES JUDGMENT RULE REASONABLE SHAREHOLDER MINIMUM BID PRICE MCNEW LLP COUNSEL SEPARATE CLASSES |
F :c"- r P p " ~
". ., ? ~-j L j` ;.I r). /s
IN `THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
MAE JEAN ROSSER, individually and )
on behalf of all other similarly situated, )
>
Plaintiff, >
>
V. ) C.A. No. 17272
NEW VALLEY CORPORATION, >
BROOKE GROUP, LTD., BENNETT'S. )
LEBOW, HOWARD M. LORBER, >
RICHARD J. LAMPEN, J. BRYANT >
KIRKLAND, III, HENRY C. BEINTEIN, )
BARRY W. RIDINGS and ARNOLD I. )
BURNS, >>
Defendants. )
Submitted: May 1, 2000
Decided: August 15, 2000
MEMORANDUM OPINION
R. B:-uce McNew of Taylor & McNew LLP, Greenville, Delaware. OF
COUNSEL: Francis J. Farina of Devon, Pennsylvania; Peter A. Lennon of
Broornall, Pennsylvania; and, Frederic S. Fox of Kaplan, Kilsheimer & Fox LLP,
New York, New York. Attorneys for Plaintiff.
Michael ID. Goldman, Peter J. Walsh, Jr. and Brian C. Ralston of Potter Anderson
& Corroon LLP, Wilmington, Delaware. OF COUNSEL: Michael L. Hirshfeld,
Teresa A. Consalves, Anne Kerr DeSimone and David Mollow of Milbank,
Tweed, Hadley & McCloy LLP, New York, New York. Attorneys for Defendants.
STEE:LE:, V.C.
Before 1999, New Valley Corporation had three separate classes of stock.
In early l999, New Valley's Board of Directors proposed a recapitalization plan
("Plan") .that would merge all New Valley shares into a single class of common
stock. Defendants maintain that the Board proposed the Plan in order to simplify
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2
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DEFENDANTS REPLY BRIEF IN SUPPORT OF MOTION TO DISMISS THE COMPLAINT
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EXTRACTED KEY WORDS
COMPLAINT MARKET PLAINTIFF SHARES PROXY STATEMENT STOCKHOLDERS COURT DEL RECAPITALIZATION DELAWARE PRICE SUPPORT ALLEGATION FAIRNESS SUPR COMMON SHARES CHASE MANHATTAN PLAZA SHAREHOLDERS NVC PRELIMINARY PROXY STATEMENT FORMER CLASS NEWLY ISSUED SECURITIES SHELL OIL DIRECTORS MCCLOY LLP AUTHORITIES BUSINESS JUDGMENT RULE SELF-DEALING COMPLAINT FAILS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
MAE JEAN ROSSER, individually and on behalf
of all others similarly situated,
Civil Action No. 17272 NC
Plaintiff,
vs.
NEW VALLEY CORPORATION, BROOKE :i <.- . .
t--l.: 7:.
GROUP LTD., BENNETT S. LEBOW, HOWARD _. .
:`,. :::
M. LORBER, RICHARD J. LAMPEN, J. :::
-. .(
BRYANT KIRKLAND III, HENRY C. :
.--
BEINSTEIN, BARRY W. RIDINGS and
ARNOLD I. BURNS, -.-
_
- ;
Defendants. c .
.L- :. <.A>
t _.,
.,
DEFENDANTS' REPLY BRIEF IN SUPPORT OF
THEiR MOTION TO DISMISS THE COMPLAINT
Of Counsel: Michael D. Goldman
Michael L. Hirschfeld Peter J. Walsh, Jr.
Teresa A. Gonsalves Brian C. Ralston
David Mollow POTTER ANDERSON &
MILBANK, TWEED, HADLEY CORROON LLP
& McCLOY LLP Hercules Plaza
1 Chase Manhattan Plaza 13 13 North Market Street
New York, New York 10005 Post Office Box 95 1
(212) 530-5000 Wilmington, Delaware 19899-095 1
(302) 984-6000
Attorneys for Defendants
May I,2000
PAC417782vl
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3
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PLAINTIFFS MEMORANDUM OF LAW IN OPPOSITION TO DEFENDANTS MOTION TO DISMISS THE COMPLAINT
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EXTRACTED KEY WORDS
PROXY STATEMENT FAIRNESS DEL PLAINTIFF FACTS SHAREHOLDERS SUPR COURT DELAWARE VALLEY LEBOW PLAN BROOKE LAW MOTION COMPLAINT MISLEADING PROXY DISCLOSURE LLP PROTECTION TRANSACTION REORGANIZATION MATERIALS MEMORANDUM OPPOSITION INHERENT FAIRNESS BUSINESS JUDGMENT WEINBERGER FIDUCIARY DUTY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUN'TY P
MAE JEAN ROSSER, individually and
on behalf of all others similarly situated j72-
C.A. NO. jZ?7%-NC
Plaintiff,
V.
NEW VALLEY CORPORATION, BROOKE
GROUP, LTD., BENNETT S. LEBOW,
HOWARD M. LORBER, RICHARD J.
LAMPEN, J. BRYANT KIRKLAND, III,
HENRY C. BEINSTEIN, BARRY W.
RIDINGS and ARNOLD I. BURNS, --II
c A3
Defendants, . .'
Y
_ .._ c.43
PLAINTIFF'S MEMORANDUM OF LAW IN OPPOSITION
TO DEFENDANT'S MOTION TO DISMISS THE-
TAYLOR & McNEW LLP
R. Bruce McNew
OF COUNSEL: 3711 Kennett Pike, Suite 210
Greenville, DE 19807
FRANCIS J. FARINA, ESQUIRE Telephone: (302) 6559200
577 Gregory Lane
Devon, PA 19333 ATTORNEYS FOR PLAINTIFF
Telephone: (610) 6959007 AND THE CLASS
PETER A. LENNON, ESQUIRE
2200 West Chester Pike, Suite B-8
Broomall, PA 19008
Telephone: (610) 3255220
KAPLAN, KILSHEIMER & FOX LLP
Frederic S. Fox
685 Third Avenue, 26th Floor
New York, NY 10017
Telephone: (212) 687-1980 DATED: April 11, 2000
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4
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OPENING BRIEF IN SUPPORT OF DEFENDANTS MOTION TO DISMISS THE COMPLAINT
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EXTRACTED KEY WORDS
COMPLAINT DEFENDANTS SHARES RECAPITALIZATION PROXY STATEMENT DEL NVC COURT STOCKHOLDERS DUTY SUPR COMMON SHARES BGL TRANSACTION DELAWARE DISMISS MARKET SHAREHOLDER DISCLOSURE BUSINESS JUDGMENT LLP ALLEGATIONS RECAPITALIZATION PLAN VOTING POWER PREFERRED SHARES SELF-DEALING BUSINESS JUDGMENT RULE FIDUCIARY DUTY SHAREHOLDER RATIFICATION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
MAE JEAN ROSSER, individually and on behalf
of all others similarly situated,
Civil Action No. 17272NC
Plaintiff,
NEW VALLEY CORPORATION, BROOKE
GROUP LTD., BENNETT S. LEBOW, HOWARD
M. LORBER, RICHARD J. LAMPEN, J.
BRYANT KIRKLAND III, HENRY C.
BEINSTEIN, BARRY W. RIDINGS and
ARNOLD I. BURNS, .
Defendants.
OPENING BRIEF IN SUPPORT OF DEFENDANTS'
MOTION TO DISMISS THE COMPLAINT
Of Counsel: POTTER ANDERSON & CORROON LLP
Michael L. Hirschfeld
Teresa A. Gonsalves Michael D. Goldman
Anne Kerr DeSimone Peter J. Walsh, Jr.
MILBANK, TWEED, HADLEY Brian C. Ralston
& McCLOY LLP Hercules Plaza
1 Chase Manhattan Plaza 13 13 North Market Street
New York, New York 10005 Post Office Box 95 1
(212) 530-5000 Wilmington, Delaware 19899-095 1
(302) 984-6000
Attorneys for Defendants
February 4,200O
405638
TABLE
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5
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CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
SHARES PLAN SHAREHOLDERS VALLEY PLAINTIFF RECAPITALIZATION DIRECTORS HOLDERS UNFAIR PRICE DISCLOSURES CONTROLLING SHAREHOLDERS PROXY STATEMENT UNFAIR PROCESS ADEQUATE LIQUIDATION FIDUCIARY DUTIES COMMON SHARES FUNDAMENTALLY UNFAIR UNPAID DIVIDENDS VIOLATION SPECIAL COMMITTEE STOCKHOLDERS LIQUIDATION PREFERENCE PROPOSED RECAPITALIZATION PLAN VOTING RIGHTS PMG REPRESENTATIVES BANKRUPTCY |
COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CAS'I'LE COUNTY
MAE JEAN RO,SSER,
individually and on behalf
of all othe:rs similarly 1
situated, 1)
Plaintiff, 11
vs. 1 CLASS ACTION
1
NEW VALLEY CORPORATION, 1
BROOKE GROUP LTD., BENNETT 1
S. LEBOW, HIDWARD M. LORBER, 1
RICHARD J. :LAMPEN, J. BRYANT 1
KIRKLAND III, HENRY C. 1
BEINSTEIN, :BARRY W. RIDINGS 1
and ARNOLD I. IBURNS, )1
Defendants. 1
1. . Plaintiff brings this action on behalf of herself
and all other holders of Class B Preferred Shares of New Valley
Corporation ("New Valley" or the "Company") as of April 8, 1999,
who have been or will be injured by defendants' plan to
recapitalize New Valley as set forth herein.
2 . The defendants, New Valley and its directors, who
a:re the controlling shareholders of New Valley, recapitalized the
Company in a manner which was fundamentally unfair to the holders
of Class B Preferred Shares because the recapitalization plan (the
"Plan") took the bulk of the va:Lue and voting rights of t:he
Preferred B Shares, and wiped out $1'72.9 million of accrued and
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