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1
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
PLAINTIFFS DEFENDANTS DIRECTORS STOCKHOLDERS FIDUCIARY DUTY COURT COBB SNYDER HAFER COMPENSATION AMENDED COMPLAINT MANAGEMENT EMPLOYMENT BENEFITS CHANCERY COUNSEL COMPENSATION PACKAGES BONUS AWARDS OPERATING SUBSIDIARIES COMMUNICATIONS PLAINTIFFS CONTEND LIQUIDATION VOTING STOCK ENGINEERING CHANCERY RULE PARTICULARIZED FACTS XEL INDEPENDENT DIRECTORS SAFCO ACCORDING |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
MICHAEL J. AKINS, et al.,
Plaintiffs, > 1
V. i
> Civil Action No. 18266 `.
TIMOTHY S. COBB, et al., >
Defendants.
MEMORANDUM OPINION
Date Submitted: October 26, 200l
Date Decided: November 1,200 1
Pamela S. Tikellis, Esquire, of CHIMICLES & TIKELLIS, Wilmington, Delaware;
Of Counsel: Michael J. Boni and George W. Croner, Esquires, of KOHN, SWIFT
& GRAF, Philadelphia, Pennsylvania, Attorneys for Plaintiffs.
M. Duncan Grant and Joseph S. Naylor, Esquires, of PEPPER HAMILTON,
Wilmington, Delaware; Of Counsel: Laurence Z. Shiekman and Jacqueline V.
Guynn, Esquires, of PEPPER HAMILTON, Philadelphia, Pennsylvania, Attorneys
for Defendants.
STRINE, Vice Chancellor
Stockholders of nominal defendant Salient 3 Communications, Inc.
("Salient 3") filed this action to challenge allegedly excessive compensation
packages awarded by Salient 3 to three members of its senior management
team. The plaintiffs contend that the compensation packages resulted from
breaches of fiduciary duty on the part of the directors of Salient 3.
According to the complaint, Salient 3's performance under the
leadership of directors and officers Timothy S. Cobb, and Paul H. Snyder,
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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
COURT DEFENDANTS AMENDED COMPLAINT DELAWARE SUPPORT DEL SALIENT CONTROL FACTS STOCKHOLDERS CHANCERY MOTION BUSINESS JUDGMENT RULE DELAWARE LAW CENCOM ARCH STREETS ALLEGATIONS PARTNERSHIP DIRECTORS PEPPER HAMILTON LLP PHILADELPHIA PLEADED FACTS ACCORDING CORPORATE CONTEXT FIDUCIARY DUTIES COMPENSATION PACKAGES PRINCIPLES SHIEKMAN JACQUELINE AUTHORITIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
MICHAEL J. AIUNS, et al., 1
Plaintiffs, i
V. ; Civil Action No. 18266-NC
TIMOTHY S. COBB, et al., i
Defendants.
REPLY BRIEF IN SUPPORT OF DEFENDANTS'
MOTION TO DISMISS THE AMENDED COMPLAINT
M. Duncan Grant
Joseph S. Naylor
PEPPER HAMILTON LLP
Suite 1600
1201 Market Street
P.O. Box 1709
Wilmington, DE 19899-1709
(302) 777-6500
Attorneys for Defendants
Of Counsel:
Laurence Z. Shiekman
Jacqueline V. Guynn
PEPPER HAMILTON LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103-2799
(2 15) 98 l-4000
Dated: July 30, 2001
TABLE OF CONTENTS
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3
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PLAINTIFFS BRIEF IN OPPOSITION TO MOTION TO DISMISS
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EXTRACTED KEY WORDS
PLAINTIFFS COBB AMENDED COMPLAINT COURT DEL CONTROL GROUP MOTION SHAREHOLDERS SALE DISMISS SUPR STOCK SNYDER DELAWARE HAFER TRANSACTIONS OPERATING SUBSIDIARIES INCENTIVE PLAN STREET SUITE CONTROLLING DIRECTORS SALE BONUS EMPLOYEES TRI-STAR PICTURES COMPENSATION STOCKHOLDERS ALLEGATIONS OPPOSITION PHILADELPHIA |
IN `THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
- - -
MICHAEL J. AKINS, et al.,
Plaintiffs,
V.
TIMOTHY S. COBB, et al.,
Defendants.
---'
PLAINTIFFS' BRIEF IN OPPOSITION TO DEFENDANTS'
MOTION TO DISMISS THE AMENDED COMPLAINT
Pamela S. Tikellis
CHIMICLES & TIKELLIS LLP
One Rodney Square
P.O. Box 1035
Wilmington, DE 19899
(302) 656-2500
Attorneys for Plaintiffs
Of Counsel:
Michael J. Boni
George W. Croner
KOHN, SWIFT & GRAF, P.C.
One South Bro'ad Street
Suite 2 100
Philadelphia, PA 19 107
(215) 2381700
Dated: June 29,200l
TABLE OF
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4
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OPENING BRIEF IN SUPPORT OF DEFENDANTS MOTION TO DISMISS THE AMENDED COMPLAINT
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EXTRACTED KEY WORDS
AMENDED COMPLAINT DEFENDANTS COURT DEL SUPPORT DISMISS CHANCERY FACTS SALIENT SHAREHOLDERS MOTION HAFER DIRECTORS FIDUCIARY DUTY DELAWARE STOCKHOLDERS CHANCERY RULE COMPENSATION PACKAGES LITIGATION ALLEGATIONS PEPPER HAMILTON LLP ARCH STREETS PLAINTIFFS FAIL REASONABLY INFER OPERATING SUBSIDIARIES REQUISITE CARE PHILADELPHIA FIDUCIARY DUTIES BUSINESS JUDGMENT RULE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
MICHAEL J. AKINS, et al., >
Plaintiffs, i>
V. Civil Action No. 18266-NC
i
TIMOTHY S. COBB, et al., >1
Defendants. 1
OPENING BRIEF IN SUPPORT OF DEFENDANTS'
MOTION TO DISMISS THE AMENDED COMPLAINT
M. Duncan Grant
Joseph S . Naylor
PEPPER HAMILTON LLP
Suite 1600
1201 Market Street
P.O. Box 1709
Wilmington, DE 19899-1709
(302) 777-6500
Attorneys for Defendants
Of Counsel:
Laurence Z. Shiekman
Jacqueline V. Guynn
PEPPER HAMILTON LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103-2799
(215) 981-4000
Dated: May 4,200l
TABLE OF CONTENTS
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . .
NATURE AND STAGE OF THE PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
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5
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AMENDED CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
PLAINTIFFS CLASS ACTION COMMON STOCK COBB COMMUNICATIONS SHARES SALE SALIENT SHAREHOLDERS MICHAEL SNYDER HAFER COUNSEL SUBSIDIARIES ACTION COMPLAINT ROBERT OPERATING SUBSIDIARIES SENIOR VICE PRESIDENT DIRECTORS EMPLOYEES MANAGEMENT ATTORNEYS ENGINEERING INDIVIDUAL DEFENDANTS TRANSACTIONS BONUS AWARDS AMENDED CLASS BONI GEORGE PHILADELPHIA |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
____________-_-_--_-------~-------------------------------------------- X
MICHAEL J. AKINS, EARL L. BLANKENBILLER, :
JODIE L. CALDWELL, JAMES A.C. CRAMP, :
MICHAEL R. DELALLO, GEORGE T. DEMOSS, :
JAYS. WHITE, PETER HAMILTON,
LAWRENCE E. HARVEY, RAYMOND T. KASE, ; C.A. No. 18266-NC
CONRAD KEICH, CHARLES R. KERTELL, DANIEL :
A. PALAFERRO, LYNN N. RUBOW, DAVID B. :
STAUFFER, and JOSEPH M. TAKATS, on behalf :
of themselves and all others similarly situated, :
Plaintiffs, -
-
V. .
,
TIMOTHY S. COBB, ROBERT LABLANC, DENNIS F.:
STRIGL, DONALD JOHN W. BOYER, DENNIS F. :
FOSTER, THOMAS F. HAFER, DONALD E. LYONS, :
PAUL H. SNYDER, DONALD K. WILSON, MAURICE :
D. JAMES, JAMIE. P. MCCONATY, FREDERIC T. :
MYERS, TIMOTHY J. O'KEEFE, and SALIENT 3 :
COMMUNICATIONS, INC.,
Defendants. :
____________________--~.----------------------------------------------- X
NOTICE OF AMENDMENT
TO: M. Duncan Grant, Esquire
Pepper Hamilton LLP
1201 Market Street, Suite 1600
P.O. Box 1709
Wilmington, DE 19899
PLEASE TAKE NOTICE THAT pursuant Court of Chancery Rule 15(a),
plaintiffs served and filed the Amended Class Action Complaint in the form attached
hereto as Exhibit A. Pursuant to Chancery Court Rule 15(aa), the Amended Class
Action Complaint, in form, supercedes the pleading which it amends in its entirety,
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6
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CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
COBB SHAREHOLDERS SNYDER HAFER PLAINTIFFS SALIENT EMPLOYEES CONTROL STOCK COMMUNICATIONS SHARES ACT SALE COMMON STOCK OPERATING SUBSIDIARIES COMPLAINT MANAGEMENT COMPENSATION PACKAGES PRESIDENT INDIVIDUAL DEFENDANTS ATTORNEYS CONTROLLING SHAREHOLDERS DEFENDANT TIMOTHY EXECUTIVE OFFICER DIRECTORS BONUS AWARDS EMPLOYMENT AGREEMENTS TRANSACTIONS OPERATING REVENUE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
1---"---------------_________I__________----------------------- _------- X
MICHAEL J. AKINS, EARL L. BLANKENBILLER, :
JODIE L. CALDWELL, JAMES A.C. CRAMP, :
MICHAEL R. DELALLO, GEORGE T. DEMOSS, :
JAY S. WHITE, PETER HAMILTON,
LAWRENCE E. HARVEY, RAYMOND T. KASE, !
CONRAD KEICH, CHARLES R. KERTELL, DANIEL :
A. PALAFERRO, LYNN N. RUBOW, DAVID B. :
STAUFFER, and JOSEPH M. TAKATS, on behalf :
of themselves and all others similarly situated, :
Plaintiffs,
V.
TIMOTHY S. COBB, ROBERT LABLANC, DENNIS F.; !
i
STRIGL, DONALD JOHN W. BOYER, DENNIS F. : <
FOSTER, THOMAS F. HAFER, DONALD E. LYONS, :
PAUL H. SNYDER, DONALD K. WILSON, MAURICE : .
D. JAMES, JAMIE P. MCCONATY, FREDERIC T. :
MYERS, TIMOTHY J. O'KEEFE, and SALIENT 3 :
c
COMMUNICATIONS, INC.,
Defendants. i
________________------------------------------------------------------- X
-
CLASS ACTION COMPLAINT
/
Plaintiffs, by their attorneys, submit this Complaint against defendants
named herein. The allegations made in this Complaint are based both on
plaintiffs' personal knowledge and on information and belief.
information and belief are based in part on the investigation made by and through
their attorneys.
SUMMARY OF THE COMPLAINT
Plaintiffs, who are former employees of defendant Salient 3
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