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IN RE TICKETMASTER ONLINE-CITY SEARCH Click to find out why . . .



Keywords & Phrases
CaseNo: C.A. No. 18,516, CourtCode: CC, CourtName: IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE, State: DE Delaware, UniqueCaseRef: DE>CC>00018516, Plaintiff: OSHER, Ticketmaster, Online, Networks, Officer, Common Stock, Shares, Usai, President, Tmcs, Chief, Directors, Jacobson, Relevant Hereto, Outstanding, Transaction, Revenues, Sales, Times Relevant Hereto, Shareholders, York, Chairman, Internet, Online-citysearch, Unfair, Executive Officer, Combined Entity, Barnes, Serves, Controls, Fiduciary Duty, Combined Enterprise, Defendant Barnes, Vice President, Loyalty, Price, Report, Pleasants, Barry, Executive Offices, Electronic Commerce, Operating , ContentID: 120240008

Case Documents
1 2001-02-05 CONSOLIDATED AMENDED COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 100707
13 pages
PDF
2 2000-11-21 CLASS ACTION COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 100708
7 pages
PDF
Total Documents: 2 documents , 20 pages
Price: $ 24.95


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1 . CONSOLIDATED AMENDED COMPLAINT

EXTRACTED KEY WORDS
TICKETMASTER
NETWORKS
DEFENDANT
OFFICER
COMMON STOCK
REVENUES
SALES
SHARES
PLAINTIFFS
CHIEF
PRESIDENT
YORK
CHAIRMAN
INTERNET
DIRECTORS
UNFAIR
TRANSACTION
EXECUTIVE OFFICER
JACOBSON
COMBINED ENTITY
CONTROLS
FIDUCIARY DUTY
OUTSTANDING
COMBINED ENTERPRISE
DEFENDANT BARNES
VICE PRESIDENT
LOYALTY
PRICE
REPORT
                IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
                                                                                                   
                                   IN AND FOR NEW CASTLE COUNTY                                    
                                                                                                   
                                                                                                   
------------------------------------------------------------------------~                          
IN RE TICKETMASTER ONLINE-CITY SEARCH,                                       :  CONSOLIDATED  
INC. SHAREHOLDERS LITIGATION                                                 : C.A. No.: 18516     
                                                                                                   
<
------------------------------------------------------------------------~                          
                                                                                                   
    =
                                                                                                   
                                                                                                   
         ~
TO:      Robert K. Payson, Esquire                               Martin P. Tully, Esquire          
         `.
                                                                                                   
         Potter Anderson & Corroon, LLP                          Morris, Nichols, Arsht  & 

                                                                                                   
         Hercules Plaza                                          1201 North Market Street
         Wilmington, DE 19801                                    Wilmington, DE 19899-1347

                              NOTICE OF FILING OF CONSOLIDATED
                                          AMENDED COMPLAINT

                  Pursuant to paragraph 6 of the Order of Consolidation entered on February 1,2001,

plaintiffs herewith file the within Consolidated Amended Complaint.



                                                        CHIMICLES  & TIKELLIS, LLP
                                                        One Rodney Square
                                                        Wilmington, DE 19801


                                                        ROSENTHAL, MONHAIT, GROSS





                                                                        arket Street, Suite 140 1


                                                                 Plaintiffs' Co-Liaison Counsel
SNIPPETS:
  • Plaintiffs allege the following upon information and belief,
  • Inc. ("USA Networks") to sell its wholly-owned subsidiary, Ticketmaster Corporation
  • grossly excessive consideration consisting of 52 million Online Class B common shares.
  • Networks controls about 80.7% of the voting power of Online.
  • unfair terms on Online in breach of its fiduciary duty to treat Online and its public
  • with entire fairness in this self-dealing transaction.
  • Barbara Waldman are, and at all relevant times were, the owners of shares of Online
  • Internet, including all Internet ticketing for Ticketmaster.
  • million shares of Class A common stock outstanding and approximately 40.6 million shares of
  • Class B common stock outstanding.
  • its headquarters located at 152 West 57" Street, New York, New York 10019.
  • Defendant Diller will become Co-Chairman
  • Chairman and Chief Executive Officer of Ticketmaster and from January 1991 until September
  • Defendant Barnes will become Co-Chairman of the combined
  • enterprise with defendant Diller and together with defendants Pleasants and Lawrence Jacobson,
  • will comprise the Office of the Chairman of the combined entity.
  • served as President and Chief Operating Officer of Ticketmaster since January 2000.
  • Jacobson will become President and Chief Operating Officer of the combined enterprise and will
  • been President of USA Networks Interactive since August 1999, Vice President of Strategic
  • William D. Savoy, Alan Spoon, and Tom Unterman are directors of Online.
  • Online and its public stockholders fiduciary obligations of loyalty,
  • Salomon concluded that the $653 million price tag was a fair price for USA
  • the 52 million Class B shares to be paid by Online for Ticketmaster is excessive and unfair.
  • ticket sales accounted for 18.4% of Ticketmaster's sales, as compared to 6% for the same
  • "Revenues in the second quarter of 2000 increased 141% over the comparable year-ago
  • The report stated:

  • 2 . CLASS ACTION COMPLAINT

    EXTRACTED KEY WORDS
    PLAINTIFF
    USAI
    TMCS
    TICKETMASTER
    MEMBERS
    OFFICER
    RELEVANT HERETO
    TIMES RELEVANT HERETO
    COMMON STOCK
    SHAREHOLDERS
    NETWORKS
    ONLINE-CITYSEARCH
    SHARES
    PRESIDENT
    BARNES
    JACOBSON
    OUTSTANDING
    CHIEF
    SERVES
    PLEASANTS
    BARRY
    EXECUTIVE OFFICES
    ELECTRONIC COMMERCE
    OPERATING
    SUBSIDIARIES
    DIRECTORS
    TRANSACTION
    ADEQUATE
    CONSUMMATION
    
                     IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
    
    
                                         IN AND FOR NEW CASTLE COUNTY
    
    ____~______________-----~-----------------~.-~----------"-~----    X    c/J  /T(-s/c   A/c;
    DAVID  OSHER,
    
                        Plaintiff,
    
             v.
    
    CHARLES  CONN, JOHN PLEASANTS, BARRY
    BAKER, TERRY BARNES, BARRY DILLER,
    JOSEPH GLEBERMAN,  WIL,LIAM  GROSS,
    ALLEN  GRUBMAN, LAWRENCE JACOBSON,
    VICTOR A. KAUFMAN, BRYAN LOURD,
    DARA KHOSROWSHAHI, WILLIAM D.
    SAVOY, ALAN SPOON, TOLl UVTERMAN,
    TICKETMASTER ONLINE-CITYSEARCH, INC.
    and USA NETWORKS, INC.,
    
                       Defendants.
    
    
                                             Q&GS ACTION COMPLAINT
    
             Plaintiff, by his attorneys, alleges upon information and belief, except as to paragraph 1
    
    which is alleged upon personal knowledge, as follows:
    
                                                         THE PARTIES
    
              1.       Plaintiff David Osher ("plaintiff') is the owner of common stock of Ticketmaster
    
    Online-CitySearch, Inc.  ("TMCS" or the "Company") and has been the owner of such shares
    
    continuously since prior to the wrongs complained of herein.
    
             2.        Defendant TMCS is a corporation duly existing and organized under the laws of the
    
    State of Delaware, with its principal executive offices located at 790 East Colorado Boulevard,
    
    200, Pasadena, California. TMCS is local portal and electronic commerce company that provides
    
    
    
    in-depth local content and services, including online city guides, online ticketing and online
    
    
    SNIPPETS:
  • CHARLES CONN, JOHN PLEASANTS, BARRY BAKER, TERRY BARNES, BARRY DILLER, JOSEPH GLEBERMAN,
  • Plaintiff, by his attorneys, alleges upon information and belief, except as to paragraph 1
  • Plaintiff David Osher is the owner of common stock of Ticketmaster
  • Online-CitySearch, Inc. ("TMCS" or the "Company") and has been the owner of such shares
  • State of Delaware, with its principal executive offices located at 790 East Colorado
  • stock outstanding and 36.2 million shares of Class B common stock
  • shareholders receiving 15 votes per share and Class B shareholders receiving
  • USA Networks, Inc. owns approximately 55.6 of all the
  • director and Chief Executive Officer of the Company.
  • Defendant John Pleasants is and at all times relevant hereto has been
  • a director and President of the Cornpany.
  • Baker also serves as President, Chief Operating Officer, and a director of
  • Defendant Terry Barnes is and at all tilmes relevant hereto has been a
  • a wholly-owned subsidiary of USAi.
  • Diller also serves as Chairman, Chief Executive Officer, and a director
  • Defendant Lawrence Jacobson is and a~.
  • Defendants Joseph Gleberman, William Gross, Allen Grubman, Bryan Lourd, Alan
  • and Tom Unterman are and at all times relevant hereto have been directors of the ICompany.
  • USAi is a media and electronic commerce company.
  • Through its subsidiaries,
  • dealing, loyalty, candor, and due care to plaintiff and the other members of the Class.
  • plaintiff is an adequate representative ofthe Class and wi II fairly and adequately protect
  • Upon consummation ofthe transaction, defendants Diller and Barnes will assume the
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