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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
DEFENDANTS MERGER SPECIAL COMMITTEE DIRECTORS INDEPENDENCE POULOS DELAWARE SHAREHOLDER TRANSACTION CONTROL EVIDENCE STANDSTILL PROVISION DEL BUSINESS ROBERT SUMMARY JUDGMENT DISINTEREST MANAGEMENT AMERICAN GENERAL STOCK BUCKWALTER NEGOTIATIONS RECOMMENDATION SPECIAL COMMITTEE MEMBERS SPECIAL COMMITTEE PROCESS EMPLOYMENT WILMINGTON LLP PAST RELATIONSHIPS ALLEGATION |
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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE .
IN AND FOR NEW CASTLE COUNTY
>
IN RE WESTERN NATIONAL ) CONSOLIDATED
CORPORATION SHAREHOLDERS ) C.A. No. 15927
LITIGATION )
MEMORANDUM OPINION
Date Submitted: March 14, 2000
Date Decided: May 22,200O
Joseph A. Rosenthal and Norman M. Monhait, of ROSENTHAL,
MONHAIT, GROSS &L GODDESS, P.A., Wilmington, Delaware; and
Pamela S. Tikellis, of CHIMICLES & TIKELLIS, Wilmington, Delaware;
OF COUNSEL: Sandy A. Liebhard and Michael S. Egan, of BERNSTEIN
LIEBHARD & LIFSHITZ, LLP, New York, New York; Robert I. Harwood
and Matthew M. Houston, of WECHSLER HARWOOD HALEBIAN &
FEFFER LLP, New York, New York; and Michael Jaffe, of WOLF
HALDENSTEIN ADLER FREEMAN & HERZ LLP, New York, New
York, Attorneys for Plaintiffs.
Steven J. Rothschild and Kevin M. Maloy, of SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP, Wilmington, Delaware, Attorneys for
Defendants American General Corporation, Astro Corporation and Western
National Corporation.
Martin P. Tully, R. Judson Scaggs, Jr., and S. Mark Hurd, of MORRIS,
NICHOLS, ARSHT & TUNNELL, Wilmington, Delaware, Attorneys for
the Individual Defendants.
CHANDLER, Chancellor
TABLE OF CONTENTS
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2
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PLAINTIFFS ANSWERING BRIEF IN OPPOSITION TO DEFENDANTS MOTION FOR SUMMARY JUDGMENT
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EXTRACTED KEY WORDS
SPECIAL COMMITTEE DEPO POULOS DEL SHAREHOLDERS WESTERN NATIONAL BOARD EVIDENCE COURT DEVLIN HERMANCE DEPO SUPR SUMMARY JUDGMENT MERGER PRICE BAKER DEPO MATERIAL FACT TRANSACTION RICHARDS DEPO PLAINTIFFS FINANCIAL ADVISOR CONTROLLING SHAREHOLDER NEGOTIATIONS DLJ PUBLIC SHAREHOLDERS MANAGEMENT CHIEF EXECUTIVE OFFICER DAIRY MART SUBSTANTIAL EVIDENCE LLP |
IN THE COURT CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE WESTERN NATIONAL CORPORATION : CONSOLIDATED
SHAREHOLDERS LITIGATION C.A. No. 15927NC
PLAINTIFFS' ANSWERING BRIEF IN OPPOSITION TO
DEFENDANTS' MOTION FOR SUMMARY JUDGMENT
ROSENTHAL, MONHAIT,
GROSS & GODDESS, P.A.
Mellon Bank Center, Suite 1401
P.O. Box 1070
Wilmington, Delaware 19899
(302) 656-4433
CHIMICLES & TIKELLIS
One Rodney Square
P.O. Box 1035
Wilmington, DE 19899
(302) 656-2500
Attorneys for Plaintiffs
OF COUNSEL:
BERNSTEIN LIEBHARD
& LIFSHITZ, LLP
10 East 40* Street
New York, New York 10016
(212) 779-1414
WECHSLER HARWOOD
HALEBIAN & FEFFER LLP
48 8 Madison Avenue
New York, NY 10024
(212) 935-7400
WOLF HALDENSTEIN ADLER
FREEMAN & HERZ LLP
270 Madison Avenue
New York, New York 10016
(212) 545-4600
Dated: September 24, 1999
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3
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DEFENDANTS JOINT OPENING BRIEF IN SUPPORT OF THEIR MOTION FOR SUMMARY JUDGMENT
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EXTRACTED KEY WORDS
MERGER DEP SPECIAL COMMITTEE SHAREHOLDERS PRICE JUDGEMENT DEL TRANSACTION DEFENDANTS DISINTERESTEDNESS STOCKHOLDERS STOCK DLJ DIRECTORS TAB POULOS DEP NEGOTIATIONS HERMANCE DEP PLAINTIFFS SUMMARY JUDGMENT STANDSTILL AGREEMENT RICHARDS DEP GORMLEY DEP MANAGEMENT UNDISPUTED FACTS CONTROLLING STOCKHOLDER MARKET PRICE REPRESENTATIVES FIDUCIARY DUTY |
*A !."`
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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE / ,Yj :i
2: ,
IN AND FOR NEW CASTLE COUNTY
IN RE WESTERN NATIONAL CORPORATION : CONSOLIDATED
SHAREHOLDERS LITIGATION C.A. No. 15927NC
DEFENDANTS' JOINT OPENING BRIEF IN SUPPORT OF
THEIR MOTION FOR SUMMARY JUDGMENT
SKADDEN, ARPS, SLATE, MORRIS, NICHOLS, ARSHT & TUNNELL
MEAGHER & FLOM LLP 120 1 N. Market Street
One Rodney Square P.O. Box 1347
PO. Box 636 Wilmington, DE 19899
Wilmington, IDE 19899 (302) 658-9200
(302) 64 I-3000
Attorneys for Defendants Attorneys for the Individual Defendants
American General Corporation
and Western National Corporation
DATED: August 13, 1999
TABLE OF CONTENTS
TABLE OF CASES AND AUTHORITIES . i
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