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1
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FSC DEFENDANTS OPENING BRIEF IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
PLAINTIFFS SHAREHOLDERS SPECIAL COMMITTEE TRANSACTION SECOND AMENDED COMPLAINT BUSINESS JUDGMENT RULE COURT DISINTERESTEDNESS DEFENDANTS SULPHUR MERGER DELAWARE DEL DIRECTORS RECOMMENDATION VOTE MOXY FREEPORT-MCMORAN SULPHUR ALLEGATION NON-COERCED VOTE JOINT PROXY STATEMENT MERGER AGREEMENT COMMON STOCK STOCKHOLDERS CONTROLLING SHAREHOLDER EXCULPATORY PROVISION MCMORAN EXPLORATION APPLICABLE STANDARD JUDGMENT RULE PROTECTS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
/ :
IN RE FREEPORT-MCMORAN
SULPHUR, INC. SHAREHOLDERS t C o n s . C . A . -No. 16729-NC ~~
LITIGATION >
c
FSC DEFENDANTS' OPENING BRIEF IN SUPPORT OF THEIR
MOTION TO DISMISS THE SECOND AMENDED COMPLAINT
MORRIS, NICHOLS, ARSHT RICHARDS, LAYTON & FINGER, P.A.
& TUNNELL Allen M. Terrell, Jr.
A. Gilchrist Sparks, III Zoe A. Forrester
Alan J. Stone One Rodney Square
1201 r\Jorth Market Street P.O. Box 551
P.O. Box 1347 Wilmington, Delaware 19899
Wilmington, Delaware 19899 (302) 658-6541
(302) 658-9200
DAVIS POLK & WARDWELL JONES, DAY, REAVIS & POGUE
Dennis E. Glazer Terence M. Murphy
John J. Clarke, Jr. James P. Karen
450 Lexington Avenue 2001 Ross Avenue, Suite 2300
New York, New York 10017 Dallas, Texas 7520'1
(212) 450-4000 (214) 220-3939
Attorneys for Defendants Attorneys for Defendants
James R. Moffett, Rene L. Latiolais, Terre11 J. Brown and Thomas D. Clark, Jr.
B.M. Rankin, Jr., .Richard C. Adkerson,
Robert M. Wohleber and
Freeport-McMoRdn Sulphur, Inc.
1.
TABLE OF CONTENTS
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2
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MEMORANDUM OPINION (REVISED)
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EXTRACTED KEY WORDS
DEFENDANTS FSC MOFFETT MERGER COMPLAINT DELAWARE ESQUIRES MOXY COURT DIRECTORS STANDARD WILMINGTON SPECIAL COMMITTEE ATTORNEYS DEFENDANTS JAMES SHAREHOLDERS FACTS DEL LATIOLAIS TRANSACTION PROXY STATEMENT BUSINESS JUDGMENT FREEPORT COPPER CONSULTING FEES BUSINESS JUDGMENT RULE MEC MORRIS JONES GAS COMPANY |
IN THE COURT OF CHANCERY OF THE STATE OF .DELAWARE
%
IN AND FOR NEW CASTLE COUNTY s*z
$.;;
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rr: -;
IN RE FREEPORT-MCMORAN > -~ , -q
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SULPHUR, INC. SHAREHOLDERS > CONSQLID ATED=
LITIGATION, > C.A. -N@$6729 2
=a: i :-; -_ .,
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MEMORANDUM OPINION Y 2'
Date Submitted: September 26,200O
Date Decided: January 5,2001
Date Revised: Januarv 11) 200 1
Pamela S. Tikellis, Robert J. Kriner, Jr., and Timothy R. Dudderar, Esquires, of
CHIMICLES & TIKELLIS, Wilmington, Delaware and Norman M. Monhait,
Esquire, ROSENTHAL, MONHAIT, GROSS & GODDESS, P.A., Wilmington,
Delaware; and GOODKIND LABATON, RUDOFF & SUCHAROW LLP, New
York, New York; Attorneys for Plaintiffs
Henry N. Herndon, Jr., and Lewis H. Lazarus, Esquires, of MORRIS, JAMES,
HITCHENS & WILLIAMS, Wilmington, Delaware; and Robert B. Bieck, Jr., David
G. Radlauer and Amy L. Landry, Esquires of JONES, WALKER, WAECHTER,
POITEVENT, CARRERE & DENEGRE, L.L.P.; Attorneys for Defendant McMoRan
Oil & Gas Company
A. Gilchrist Sparks, III, Alan J. Stone and Christopher F. Carlton, Esquires, of
MORRIS, NICHOLS, ARSHT & TUNNELL, Wilmington, Delaware, and Dennis E.
Glazer and John J. Clarke, Jr., Esquires of DAVIS POLK & WARDWELL, New
York, New York; Attorneys for Defendants James R. Moffett, Rene L. Latiolais, B.M.
Rankin, Jr., Richard C. Adkerson, Robert M. Wohleber and Freeport-McMoRan
Sulphur Inc.
Allen M. Terrell, Jr. and Peter B. Ladig, Esquires of RICHARDS, LAYTON &
FINGER, Wilmington, Delaware, and Terrence M. Murphy and James P. Karen,
Esquires, of JONES, DAY, REAVIS & POGUE, Dallas, Texas; Attorneys for
Defendants Terre11 J. Brown and Thomas D. Clark, Jr.
JACOBS, VICE CHANCELLOR
The plaintiffs in this shareholder class action challenge a stock-for-
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3
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
DEFENDANTS FSC MOFFETT MERGER COMPLAINT MOXY COURT DELAWARE DIRECTORS STANDARD ESQUIRES SPECIAL COMMITTEE SHAREHOLDERS DEL WILMINGTON FACTS PROXY STATEMENT ATTORNEYS DEFENDANTS JAMES LATIOLAIS TRANSACTION BUSINESS JUDGMENT FREEPORT COPPER CONSULTING FEES BOARD MEMBERS MEC DISINTEREST MORRIS GAS COMPANY |
AL '51
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
. <..-I.
IN AND FOR NEW CASTLE COUNTY I, "1 r':
: : : _~_
,: _
- . C.-i .. (.. .'
: ._
IN RE FREEPORT-MCMORAN ) -"
SULPHUR, INC. SHAREHOLDERS > CONSGLIDATE~
LITIGATION, > C.A. No&729 ..;
-: c 2
MEMORANDUM OPINION
Date Submitted: September 26,200O
Date Decided: January 5,200l
Pamela S. Tikellis, Robert J. Kriner, Jr., and Timothy R. Dudderar, Esquires, of
CHIMICLES & TIKELLIS, Wilmington, Delaware and Norman M. Monhait,
Esquire, ROSENTHAL, MONHAIT, GROSS & GODDESS, P.A., Wilmington,
Delaware; and GOODKIND LABATON, RUDOFF & SUCHAROW LLP, New
York, New York; Attorneys for Plaintiffs
Henry N. Herndon, Jr., and Lewis H. Lazarus, Esquires, of MORRIS, JAMES,
HITCHENS & WILLIAMS, Wilmington, Delaware; and Robert B. Bieck, Jr., David
G. Radlauer and Amy L. Landry, Esquires of JONES, WALKER, WAECHTER,
POITEVENT, CARRERE & DENEGRE, L.L.P.; Attorneys for Defendant McMoRan
Oil & Gas Company
A. Gilchrist Sparks, III, Alan J. Stone and Christopher F. Carlton, Esquires, of
MORRIS, NICHOLS, ARSHT & TUNNELL, Wilmington, Delaware, and Dennis E.
Glazer and John J. Clarke, Jr., Esquires of DAVIS POLK & WARDWELL, New
York, New York; Attorneys for Defendants James R. Moffett, Rene L. Latiolais, B.M.
Rankin, Jr., Richard C. Adkerson, Robert M. Wohleber and Freeport-McMoRan
Sulphur Inc.
JACOBS, VICE CHANCELLOR
The plaintiffs in this shareholder class action challenge a stock-for-
stock merger on the basis that the interestedness of the directors of the
subject corporation resulted in its stockholders receiving an unfair price for
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4
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DEFENDANTS REPLY BRIEF TO BRIEF IN OPPOSITION TO MOTION TO DISMISS
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EXTRACTED KEY WORDS
MOXY ALLEGE SPECIAL COMMITTEE BREACH FSC DEFENDANTS DIRECTORS FIDUCIARY DUTY COURT DISMISS SHAREHOLDERS BROWN CHANDLER REASONS FREEPORT-MCMORAN DEL DELAWARE LAW SHAREHOLDERS LITIGATION ALLEGATIONS IMPUTATION MOTIVATION ASSERTION CONSISTENT TRANSACTION MOREOVER MEMBERS MOTION ROBERT AUTHORITY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE FREEPORT-MCMORAN >
SULPHUR:, INC. SHAREHOLDERS Consol. C.A. No. 16729-NC
LITIGATION ; -. ,
!-`..,
:
:/,, -.`.
:"' `7
, ,.;:
DEFENDANT McMORAN OIL & GAS CO.`S REPLY BRIEF .L;".' Ty,
TO PLAINTIFFS' ANSWERING BRIEF IN ,.
OPPOSITION TO DEFENDANTS' MOTION TO DISMISS
MORRIS, JAMES, HITCHENS &WILLIAMS LLP
Henry N. Herndon, Jr. (#606)
Lewis H. Lazarus (#2374)
222 Delaware Avenue, 10th Floor
P.O. Box 2306
Wilmington, DE 19899
(302) 888-6800
Attorneys for Defendant
McMoRan Oil & Gas Co.
OF COUNSEL:
JONES, WALKER, WAECHTER, POITEVENT
CARRERE & DENEGRE, L.L.P.
Robert B. Beick, Jr.
David G. Radlauer
Amy L. Landry
201 St. Ch.arles Avenue, 49th Floor
New Orleans, LA 70170
(504) 582-8000
Dated: June 30. 2000
TABLE OF CONTENTS
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5
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FSC DEFENDANTS REPLY BRIEF IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
SHAREHOLDERS FSC PLAINTIFFS COURT DEFENDANTS DEL BUSINESS JUDGMENT RULE DELAWARE MOTION AMENDED CONSOLIDATED COMPLAINT FSC BOARD DISMISS BROWN JUDGMENT RULE REVIEW FACTS ALLEGATIONS WOHLEBER ROSS AVENUE WILMINGTON ATTORNEYS INDEPENDENCE DIRECTORS DISCLOSURE CLAIM FREEPORT COPPER CHANCERY LADIG JONES RODNEY SQUARE DEFENDANTS TERRE11 AUTHORITIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
-------------------____________I__ x
IN RE FREEPORT MCMORAN SULPHUR, : CONSOL. C.A. No. 16729-NC
INC. SHAREHOLDER LITI.GATION,
FSC DEFENDANTS REPLY BRKEF IN SUPPORT OF THEIR MOTION TO DISMISS
OF COUNSEL: MORRIS, NICHOLS, ARSHT &
Dennis E. Glazer TUNNELL i ;I:
-:...
John J. Clarke, Jr. A. Gilchrist Sparks, III ;;:" :' -= ;
Davis Polk & Wardwell Alan J. Stone . ,:
i\;
450 Lexington Avenue Christopher F. Carlton `; i .T
New York, New York 10017 1201 North Market Street ---:
,
(212) 450-4000 P.O. Box 1347 - -
Wilmington, Delaware 19899
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6
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AMENDED CONSOLIDATED COMPLAINT
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EXTRACTED KEY WORDS
DEFENDANTS PLAINTIFFS MOXY STOCKHOLDERS SHAREHOLDERS SHARES MEC MERGER CHANCERY COURT RULE PURSUANT STOCK YORK INDIVIDUAL DEFENDANTS AMENDED CONSOLIDATED COMPLAINT FREEPORT-MCMORAN SULPHUR RANKIN EXECUTIVE OFFICER BUY-BACK PROGRAM VICE PRESIDENT FTX CHIEF EXECUTIVE OFFICER RELEVANT TIMES COMMON STOCK FREEPORT COPPER EXCHANGE RATIO SPECIAL COMMITTEE SUCHAROW LLP PERSONAL KNOWLEDGE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
________________________________________-------~-------- X
IN RE FREEPORT-MCMORAN SULPHUR, : CONSOLIDATED
INC. SHAREHOLDERS LITIGATION : CIVIL ACTION NO. 16729
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