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1
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INC. DEFENDANTS OPPOSITION TO PLAINTIFFS MOTION TO COMPEL
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EXTRACTED KEY WORDS
TRAPANI MOTION STOCKHOLDERS SUBSIDIARIES POLICIES COURT AGREEMENT BUDGETS REQUESTS OFTHE PURPOSE PARTIES LIFE INSURANCE DKT MATERIALS DEFENDANT DEMAND BACKUP ERNST FAITH PARAGRAPH SLIP FACE AMOUNT OPERATING SUBSIDIARIES BASIS FEES COMPLIANCE RESPONSE RELATED PARTY TRANSACTIONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAW
IN AND FOR NEW CASTLE COUNTY
ANTHONY W. TRAPANI,
Plaintiff, Civil Action N~o. 18564 ,,~~
i
v.
1
ILC INDUSTRIES, INC.
a Delaware corporation, 1
Defendant. i
DEFENDANT'S OPPOSITlON TO PLAINTIFF'S MOTION TO COMPEL
Defendant TLC Industries, Inc. ("ILC" or the "Company") hereby opposes a motion filed by
plaintiff Anthony Trapani slyled "motion to compel defendant to comply with the final order and
judgment." (Dkt. 37, the "Motion"). The Motion in fact is an attempt to expand the scope of relief
granted by the final order and judgment entered by this Court. (Dkt. 32, the "Final Order"). For the
reasons that follow, the Motion should be denied.
1. Mr. Trapani brought this action pursuant to Section 220 of the General
Corporation Law with the stated purpose ofobtaining information with which to value his minority
interest in ILC for estate planning purposes. Notwithstanding this narrow purpose, Mr. Trapani
demanded to inspect a vast array ofbooks and records falling into 41 different categories (including
subparts).
2. At the conclusion of a trial held on April 25, 2001, the Court provided the
partics with guidance regarding the types of information to which Mr. Trapani was entitled. Based
on this guidance, the parties submitted competing forms of Order. Mr. Trapani's proposed form of
order included 27 of his 41 original requests, including requests that specifically had been
the Court. During a conference with the Court at which the parties presented their respective forms
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2
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FINAL ORDER AND JUDGMENT
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EXTRACTED KEY WORDS
CONFIDENTIALITY RELATED PARTY PURPOSE SUBSIDIARIES PREPARING COURT DELAWARE PURSUANT ANALYSES SUMMARIES AGREEMENTS STOCKHOLDER PRODUCTION DOCUMENT REQUEST SUBPOENA INTERNAL REVENUE ENFORCEMENT CHANCERY ANTHONY TRAPANI ILC BUDGETS DOCUMENTS RELATING BUSINESS LOAN PLAN AFFILIATES REPRESENTATION VALUATIONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE: COUNTY
ANTHONY W. TRAPANI,
Plaintiff, > Civil Action No. 18564
V. 1
>
ILC INDUSTRIES, INC. )
a Delaware corporation, j
Defendant.
FINAL ORDER AND JUDGMENT
Whereas, Plaintiff Anthony Trapani filed this action on December 2 I,
to Section 220 of the General Corporation Law to compel the inspection and copying of
records of Defendant ILC Industries, Inc. ("ILC" or the "Company"); and
Whereas, a trial in this action was held o April 25, 2001;
IT IS HEREBY ORDERED, t IL?+
h i s day of June, 2001, .that:
1. Plaintiff has stated a proper purpose under Section 220 to
records of ILC.
2. Defendant shall produce to Plaintiff within 30 days of the
the following books and records, to the extent they exist:
a. Financial projections of the Company prepared from
present, including financial projections for the period 2000-2005, any mana.gement
analyses attached to or prepared as part ofthe projections or when presented to the
of directors, and any related board minutes.
3 RLl'l-2310110-3 -l-
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3
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DEFENDANTS PRE-TRIAL REPLY BRIEF
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EXTRACTED KEY WORDS
ILC AUTHORITIES PENNY VALUATION ESTATE PLANNING PURPOSES KATZ FINANCIAL STATEMENTS PENNY DEP DEMAND COURT DELAWARE SHARES OPENING REVENUE RULING STANDARD APPRAISALS FAIR MARKET IRS AUTHORITIES TESTIMONY GOVERNING STANDARD DEPOSITION JX20 PROJECTIONS POB APPRAISER TAX PURPOSES REGULATION AGREEMENTS CAPITAL EXPENDITURE PLANS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ANTHONY W. TRAPANI,
;
Plaintiff,
i CA. No. 18564 i--,
V. . .
;
ILC INDUSTRIES, INC.
a Delaware corporation,
Defendant. i ; -.:
DEFENDANT'S PRE-TRIAL REPLY BRIEF
OF COUNSEL Charles F. Richards, Jr.
J. Travis Laster
Michael E. Feldman Andrea K. Short
Proskauer Rose LLP RICHARDS, LAYTON & FINGER, P.A.
1585 Broadway One Rodney Square
New York, NY 10036-8299 P.O. Box 551
(212) 969-3000 Wilmington, Delaware 19899
(302) 658-6541
Attorneys for Defendant
Dated: April 24,200l
RLFI-2299647-1
TABLE OF CONTENTS
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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4
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PLAINTIFFS PRE-TRIAL REPLY BRIEF
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EXTRACTED KEY WORDS
KATZ ILC PURPOSES DEL COURT VALUATION STOCK ACQUISITION PLAINTIFF CONTINUEDL BOOKS DELAWARE PROPER PURPOSE PENNY TAX LAWS INVESTMENT BANKER REQUEST ESTATE PLANNING QUALIFICATIONS BASELESS DEPOSITION PENNY DEP FAIR MARKET BLACKSTONE BUSINESS EMPRESS ENTERTAINMENT OKLAHOMA PUBLISHINQ MOORE PAPER LEVITON MFQ |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ANTHONY W. TRAPANI, ::
Plaintiff, : C.A. No. 18564
:
V. :
:
ILC INDUSTRIES, INC. :
a Delaware Corporation, ::
Defendant. :
PLAINTIFF'S PRE-TRIAL REPLY BRIEF
MORRIS, NICHOLS, ARSHT 6 TUNNELL
Martin P. Tully
David J. Teklits
1201 N. Market Street
P.O. Box 1347
Wilmington, DE 19899-1347
(302) 658-9200
Attorneys for Plaintiff
April 24, 2001
1.
TABLE OF CONTENTS
Paqe
TABLE OF CITATIONS iii.
PRELIMINARY STATEMENT 1
ARGUMENT 4
I. MR TRAPANI HAS A PROPER PURPOSE TJNDER
DELAWARE LAW FOR SEEKING BOOKS AND RECORDS. 4
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5
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PLAINTIFFS PRE-TRIAL OPENING BRIEF
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EXTRACTED KEY WORDS
VALUATION TRAPANI PURPOSE PROPER STOCK TAX REQUEST INSPECTION LAWS CHARITIES BOOKS PENNY DEL ESTATE PLANNING DEMAND DEP FINANCIAL STATEMENTS SHARES SUBSTANTIATE TESTIFY CLOSELY-HELD BUSINESS DELAWARE PLAINTIFF INDUSTRIES KATZ MANAGEMENT FAIR MARKET CAPACITY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
L
IN AND FOR NEW CASTLE COUNTY
ANTHONY W. TRAPANI, ::
Plaintiff, : C.A. No. 18564
:
V. :
:
ILC INDUSTRIES, INC.
a Delaware Corporation, ::
Defendant.
PLAINTIFF'S PRE-TRIAL OPENING BRIEF
MORRIS, NICHOLS, ARSHT & TUNNELL
Martin P. Tully
David J. Teklits
Matt Neiderman
1201 N. Market Street
P.O. Box 1341
Wilmington, DE 19899-1347
(302) 658-9200
Attorneys for Plartntifgj
: ._ ',
c . _- -.. . .
OF COUNSEL:
Max Gitter .
Cleary, Gottlieb, Steen & Hamilton
One Liberty Plaza
New York, NY 10006
April 18, 2001
1.
TABLE OF CONTENTS
Exs
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6
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DEFENDANTS OPENING PRE-TRIAL BRIEF
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EXTRACTED KEY WORDS
PURPOSE COURT DEL KATZ ILC VALUATION DEMAND FINANCIAL STATEMENTS KATZ DEP SHARES DELAWARE BOOKS BLACKSTONE ESTATE PLANNING ALLEGED PURPOSE AUDITED FINANCIAL STATEMENTS STOCKHOLDER STATED PURPOSE IRS DEPOSITION JX20 AUTHORITIES APPRAISALS TRANSACTIONS REVENUE RULING COMPARABLE COMPANY PROJECTIONS LITIGATION PLAINTIFFS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
.`,.c, ,. I I i" \.2
IN AND FOR NEW CASTLE COUNTY x5
ANTHONY W. TRAPANI,
Plaintiff, 1 C.A. No. 18564
V . ;
ILC INDUSTRIES, INC. i
a Delaware corporation,
;
Defendant. >
DEFENDANT'S OPENING PRE-TRIAL BFUEF
OF COUNSEL Charles F. Richards, Jr.
J. Travis Laster
Michael E. Feldman Andrea K. Short
Prosakauer Rose LLP RICHARDS, LAYTON dz FINGER, P.A.
1585 Broadway One Rodney Square
New York, NY 10036-8299 P.O. Box 551
(212) 969-3000 Wilmington, Delaware 19899
(302) 658-6541
Attorneys for Defendant
Dated: April 18,200l
TABLE OF CONTENTS
TABLEOFAUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . ..I.............
NATURE AND STAGE OF THE PROCEEDINGS . . . . . . . . y . . . . . . . . . . . . .
STATEMENT OF FACTS
A. TheParties. . . . . . . . . . . . . . . . . . . . . . . . . . .
B. Mr. Trapani Acquires His Shares. . . . . . . . . . . . " . . . . . . . . . . .
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7
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ANSWER AND AFFIRMATIVE DEFENSES
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EXTRACTED KEY WORDS
PLAINTIFF COURT COMPLAINT FAILS DEMAND LETTER RELIEF DELAWARE ATTORNEYS HEREBY RESPONSE PLAINTIFFS ALLEGED PURPOSE LAW EQUITY POSSESSES WHEREFORE DEFENDANT PRAYS JUDGEMENT DISMISSING PREJUDICE AWARDING COSTS EXPENSES FEES CONNECTION GRANTING COURT DEEMS PROPER HEREBY CERTIFY FOREGOING COUNSEL |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY I- ,- '
II._
.~
I, ._
ANTHONY W. TRAPANI, >
Plaintiff, ; :
C.A.No. 18564>,.:
" .I :
--_,
V. I L;:
c3
ILC INDUSTRIES, INC. i
a Delaware corporation,
1
Defendant. )
ANSWER AND AFFIRMATIVE DEFENSES
Defendant ILC Industries, Inc., by and through its undersigned attorneys, hereby
answers the complaint as follows:
1. Admitted.
2. Admitted.
3. Admitted
4. Admitted
5. After reasonable inquiry, the defendant is without sufficient knowledge
admit or deny the allegations of this paragraph, which therefore are denied.
6. Denied, except it is admitted that the defendant responded to the Demand
Letter, which response the defendant incorporates by reference and to which the defendant
respectfully refers the Court for the full and complete contents thereof.
7. Denied, except it is admitted that more than five business days elapsed
the Demand Letter was delivered to the defendant before the filing of this action.
8. Denied
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8
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COMPLAINT
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EXTRACTED KEY WORDS
PLAINTIFF DEMAND LETTER PURSUANT CERTIFICATE BOOKS PURPOSES ILC COMMON STOCK BALANCE BUSINESS COUNSEL RESPONSE FINANCIAL STATEMENTS DESIGNEES COURT DIRECTING DEFENDANT DELAWARE LAW TRAPANI YORK AGENT WILMINGTON HERETO BLACKSTONE GROUP CASH ASSETS AUDITING FIRMS MARKETABLE SECURITIES ASSETS |
i .
:' :
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ,: 13" $j- L-v.<.:
IN AND FOR NEW CASTLE COUNTY
ANTHONY W. TRAPANI, :.
Plaintiff, C.A. No. /%5ofNC
:
V.
;
ILC INDUSTRIES, INC. :
a Delaware corporation, ::
Defendant.
COMPLAINT -. _
C"
Plaintiff Anthony W. Trapani, by and through. his
undersigned attorneys, alleges for his complaint as follows:
Nature of Action
1. This is an action pursuant to Section 220 of the
Delaware General Corporation Law seeking an order compelling
defendant ILC Industries, Inc. ("ICC") to provide to plaintiff
certain books and records of ILC for purposes of inspection and
copying.
Parties
2. Plaintiff Anthony W. Trapani is the record holder
of 27,500 shares of ILC common stock or approximately 12% of the
outstanding ILC common stock. On information and belief, the
balance of the stock in held by the Chairman of the Board of
ILC, Clifford Lane, and members of his family.
3. Defendant ILC is a closely-held Delaware
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