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1
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
PLAINTIFFS PARTNERSHIP AGREEMENT GENERAL PARTNER DEFENDANTS EMPLOYEES COURT INVESTORS DISTRIBUTIONS STANDARD BASIC UNITS DISCRETION UNITHOLDERS CALLABLE UNITS COMPLAINT COMPELLED REDEMPTION PROGRAM CONTRACTUALLV AFFILIATES CONVERSION AMENDMENT FIDUCIARY DUTIES DIRECTORS LIMITED PARTNERS OWNERSHIP SUBSCRIPTION PLANS FAVORED INVESTORS FIDUCIARY DUTY FAIR MARKET LIABILITY PROVISIONS MANAGEMENT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT W. GELFMAN, MARK ALLEN, 1
AMERIBANK TRUST, SHIRLEY COLLINS, )
DAVID DERHODES, FUMI FUKADA, MARY )
ROUNSEVILLE, P.J. HAYES, SHIRLEY >
SARPA-BLACKBURN, LISA SARPA )
SNYDER, THOMAS E. TICE, THOMAS C. )
HELLMAN, and RALPH S. GIORGIO, on behalf )
of themselves and all others similarly situated, )
>
Plaintiffs, 1> Civil Action No. 18519
V. >
1
WEEDEN INVESTORS, L.P., WEEDEN >
SECURITIES CORPORATION, DONALD >
WEEDEN, BARRY SMALL, ROBERT >
CERVONI, TIMOTHY MCDONALD, ROBERT )
WEPPLER and STEPHEN LEUTHOLD, >1
Defendants. >
MEMORANDUM OPINION
Date Submitted: August 2, 2001
Date Decided: August 23, 2001
Pamela S. Tikellis and Robert J. Kriner, Jr., Esquires, of CHIMICLES &
TIKELLIS, Wilmington, Delaware; Of Counsel: Lynda J. Grant, Esquire of
GOODKIND LABATON RUDOFF & SUCHAROW, New York, New York;
Robert W. Biederman, Esquire, of HUBBARD & BIEDERMAN, Dallas, Texas; D.
Ronald Reneker, Esquire, of BUSH CR4DDOCK & RENEKER, Dallas, Texas,
Attorneys for Plaintiffs.
Bruce E. Jameson, Esquire, of PRICKETT, JONES & ELLIOT, Wilmington,
Delaware; Of Counsel: David E. Nachman and Jeremy R. Kasha, Esquires, of
SOLOMON, ZAUDERER, ELLENHORN, FRISCHER & SHARP, New York,
New York, Attorneys for Defendants.
STRINE, Vice Chancellor
SNIPPETS:
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2
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REPLY BRIEF IN SUPPORT OF DEFENDANTS MOTION TO DISMISS
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EXTRACTED KEY WORDS
PARTNERSHIP DEFENDANTS DEL AMENDMENTS CALLABLE UNITS COURT PARTNERSHIP AGREEMENT SUPR GENERAL PARTNER DISTRIBUTIONS DELAWARE MOTION DISMISS BOSTON CELTICS UNITHOLDERS SECURITIES SHAREHOLDERS LITIG BASIC UNITS OPPOSITION COMPLAINT ALLEGATION PROVISIONS ROBERT FIDUCIARY DUTY GOTHAM PARTNERS AUTHORIZES EMPLOYEES VALIDLY-ENACTED AMENDMENTS HEALTHTRUST |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IS
IN AND FOR NEW CASTLE COUNTY
ROBERT W. GELFMAN, MARK ALLEN, AMERIBANK
TRUST, SHIRLEY COLLINS, DAVID DERHODES, FUMI
FUKADA, MARY ROUNSEVILLE, P.J. HAYES,
SHIRLEY SARPA-BLACKBURN, LISA SARPA SNYDER,
THOMAS E. TICE, THOMAS C. HELLMAN, and RALPH
S. GIORGIO, on behalf of themselves and all others similarly
situated,
Plaintiffs, Civil Action No. 185 19-NC
-against-
WEEDEN INVESTORS, L.P., WEEDEN SECURITIES
CORPORATION, DONALD WEEDEN, BARRY SMALL,
ROBERT CERVONI, TIMOTHY MCDONALD, ROBERT
WEPPLER and STEPHEN LEUTHOLD,
Defendants.
REPLY BRIEF IN SUPPORT
OF DEFENDANTS' MOTION TO, DISMISS
-
PRICKETT, JONES 6~ ELLIOT
Bruce E. Jameson
1310 King Street
Box -1328
Wilmington, Delaware 19899
(302) 8886500
SOLOMON, ZAUDERER., ELLENHORN,
FRISCHER & SHARP
David E. Nachman
Jeremy R. Kasha
45 Rockefeller Plaza
New York, New York 1011 1
(212) 956-3700
Attorneys for Defendants
April 4,200 1
TABLE OF CONTENTS
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3
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PLAINTIFFS BRIEF IN OPPOSITION TO DEFENDANTS MOTION TO DISMISS
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EXTRACTED KEY WORDS
PLAINTIFFS PARTNERSHIP AGREEMENT GENERAL PARTNER BASIC UNITS FORCED REDEMPTION SCHEME COURT LIMITED PARTNERS FORCED REDEMPTION DELAWARE DEL INVESTMENT PARTNERSHIP MOTION DILUTION SCHEME FIDUCIARY DUTIES INVESTORS DISTRIBUTIONS BASIC UNITHOLDERS CALLABLE UNITS INDIVIDUAL DEFENDANTS CLASS MEMBERS AMENDMENTS PROVISIONS CAPITAL ACCOUNT NET INCOME FAIR MARKET CONNECTION CORPORATE GENERAL PARTNER FIDUCIARY DUTY SUCHAROW LLP |
IN THE: COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
of3
____________________----------------------------------------------~---- x E E;
:::
/ I
ROBERT W. GELFMAN, et al., ..:I
--.
. d-.
Plaintiffs,
- against -
WEEDEN INVESTORS, L.P., et al.,
Defendants.
PLAINTIFFS' BRIEF IN OPPOSITION TO DEFENDANTS' MOTION TO DISMISS
CHIMICLES & TIKELLIS LLP
Pamela S. Tikellis
Robert J. Kriner, Jr.
One Rodney Square
P.0. Box 1035
Wilmington, Delaware 19899
(302) 656-2500
OF COUNSEL: Attorneys for Plaintiffs
GOODKIND LAEATON RUDOFF & SUCHAROW LLP
100 Park Avenue
New York, New York 10017-5563
(2 12) 907-0700
HUBBARD & BIEDERMAN, L.L.P.
17 17 Main Street, Suite 4700
Dallas, Texas 75201
(214) 857-6000
BUSH CRADDOCK & RENEKER, L.L.P.
3 100 Monticello A.venue, Suite 550
Dallas, Texas 75205
(214) 750-3550
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4
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MEMORANDUM OF LAW IN SUPPORT OF DEFENDANTS MOTION FOR PROTECTIVE ORDER
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EXTRACTED KEY WORDS
MOTION DISCOVERY DEFENDANTS DISMISS DEL CIV DOCUMENT REQUEST COURT KASHA AFF PARTNERSHIP COMPLAINT CHANCERY RULE STAYING DISCOVERY CORPORATE PROPERTY PENDING REASONS BURDENSOME SUPPORT BALANCE HARDSHIPS WEIGHS SKUBIK FAILS PREJUDICE NATURE GREENSPAN CHANDLER WEISS BREACH RELIEF |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT W. GELFMAN, MARK ALLEN,
AMERIBANK TRUST, SHIRLEY COL,LINS, DAVID
DERHODES, FUMI FUKADA, MARY
ROUNSEVILLE, P.J. HAYES, SHIRLEY SARPA-
BLACKBURN, LISA SARPA SNYDER, THOMAS E.
TICE, THOMAS C. HELLMAN, and RALPH S.
GIORGIO, on behalf of themselves and all others
similarly situated,
Plaintiffs. : Civil Action No. 18519-NC
-against-
WEEDEN INVESTORS, L.P., WEEDEN SECURITIES :
CORPORATION, DONALD WEEDEN, BARRY :
SMALL, ROBERT CERVONI, TIMOTHY
MCDONALD, ROBERT WEPPLER and STEPHEN :
LEUTHOLD,
Defendants. :
MEMORANDUM OF LAW IN SUPPORT QF DEFENDANTS'
MOTION FOR PROTECTIVE ORDER STAYING DISCOVERY
PRlCKETT, JONES & ELLIOT
Bruce E. Jameson
13 10 King Street
Box 1328
Wilmington, Delaware 19S99
(302) 888-6500
SOLOMON, ZAUDERER, ELLENHORN,
FRISC HER & SHARP
David E. Nachman
Jeremy R. Kasha
45 Rockefeller Plaza
New York., New York 10 111
(2 12) 956..3700
February 22, 2001 Attorneys for Defendants
SNIPPETS:
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5
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OPENING BRIEF IN SUPPORT OF DEFENDANTS MOTION TO DISMISS
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EXTRACTED KEY WORDS
PARTNERSHIP AGREEMENT GENERAL PARTNER PLAINTIFFS DEL DELAWARE LIMITED PARTNERSHIP COURT KASHA UNITHOLDERS FIDUCIARY DUTY BREACH CONTRACT BASIC UNITS CALLABLE UNITS CPLT INVESTMENT PARTNERSHIP INDIVIDUAL DEFENDANTS DISTRIBUTIONS LIMITATIONS TRANSACTIONS CONTRACTUAL LIMITATIONS AMENDMENTS AUTHORIZES ALLEGATIONS PROVISIONS DISCRETION SHIRLEY COLLINS AUTHORITIES FAIR DEALING |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT W. GELFMAN, MARK ALLEN, AMERIBANK i
TRUST, SHIRLEY COLLINS, DAVID DERHODES, FUMI :
FUKADA, MARY ROUNSEVILLE, P.J. HAYES,
SHIRLEY SARPA-BLACKBURN, LISA SARPA SNYDER, ;
THOMAS E. TICE, THOMAS C. HELLMAN, and RALPH :
S. GIORGIO, on behalf of themselves and all others similarly :
situated,
Plaintiffs, Civil Action No. 185 19-NC
-against-
WEEDEN INVESTORS, L.P., WEEDEN SECURITIES
CORPORATION, DONALD WEEDEN, BARRY SMALL, i
ROBERT CERVONI, TIMOTHY MCDONALD, ROBERT :
WEPPLER and STEPHEN LEUTHOLD,
Defendants.
:: :.. _,./
x :-? ;'
-7
-..
1;
cf, `..L `I-9
X;-;:`, fu
- ;<,.
OPENING BRIEF IN SUPPORT
OF DEFENDANTS' MOTION TO DISMISS --c \k3
PRICKETT, JONES & ELLIOT
Bruce E. Jameson
13 10 King Street
Box 1328
Wilmington, Delaware 19899
(302) 888-6500
SOLOMON, ZAUDERER, ELLENHORN,
FRISCHER & SHARP
David E. Nachman
Jeremy R. Kasha
45 Rockefeller Plaza
New York, New York 10111
(212) 956-3700
Attorneys for Defendants
SNIPPETS:
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6
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CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
INVESTMENT PARTNERSHIP BASIC UNITS DEFENDANTS CLASS MEMBERS CONVERSION EMPLOYEES GENERAL PARTNER PLAINTIFF CONVERSION AMENDMENT LIMITED PARTNERSHIP EQUITY HOLDINGS OPERATING PARTNERSHIP PARTNERSHIP AGREEMENT HOLDERS EXPENSE COURT MAJORITY APPROVING DISTRIBUTIONS ASSETS REDEMPTION OBLIGATIONS DELAWARE PREDECESSOR CORPORATION DEALING EFFECTUATE VOTE PURSUANT FIDUCIARY OBLIGATIONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
ROBERT W. GELFMAN, on behalf of himself and all :
others similarly situated,
: Civil Action No.
Plaintiff, : pmwc
- against - : CLASS ACTION
: COMPLAINT
WEE;DEN INVESTORS, L.P.; WEEDEN & CO., L.P.; .
WEElDEN SECURITIES CORPORATION, DONALD :
WEEDEN; BARRY SMALL; and ROBERT CERVANI, :
Defendants.
_____~_____-~-----____I____------~-~--------------------~-------------- X
Plaintiff alleges on information and belief, except for those allegations which
pertain to plaintiff, which are alleged upon personal knowledge, as follows:
PJ_ATURE OF THE ACTION
1. This action arises in connection with the proposed conversion (the "Proposal") by
defendants of the Basic Units, defined below, of Weeden Investors, L.P (the "Investment
Partnership") into Callable Class A Units, defned below, of the Investment Partnership. The
Callable A Units are callable at "book value", which is and will continue to be significantly
below the true value of the proportional interest in the Investment Partnership.
2. The Class consists of holders of Basic Units of the Partnership who are not
current employees of i.he Investment Partnership or the Operating Partnership, defined below. A
majority of the Basic: Units are held by current employees, who have a special interest in
approving the Conversion Amendment defined below.
3. The conversion will confer special benefits upon defendants at the expense of the
Class and as such is subject to the entire fairness standard.
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