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1
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
PLAINTIFFS DEFENDANTS COMPLAINTS BHC ESQUIRE NEWS CORPORATION UTV SPECIAL COMMITTEES DELAWARE TRANSACTIONS COURT WELL-PLEADED ALLEGATIONS YORK DIRECTORS MERGER FIDUCIARY DUTY NEGOTIATIONS MINORITY SHAREHOLDERS MINORITY STOCKHOLDERS PARAGRAPHS ATTORNEYS DISCOVERY PROPOSED TRANSACTION MERGER AGREEMENTS REASONABLE INFERENCES FINANCIAL ADVISORS CASTLE COUNTY WILMINGTON UNITED TELEVISION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE BHC COMMUNICATIONS, INC. ) Consolidated
SHAREHOLDER LITIGATION ) C.A. No. 18209
IN RE UNITED TELEVISION, INC., ) Consolidated
SHAREHOLDER LITIGATION > CA. No. 18218
MEMORANDUM OPINION
Argued: March 14, 2001
Decided: June 4, 2001
Joseph A. Rosenthal, Esquire, MORRIS, ROSENTHAL, GROSS & GODDESS,
P.A., Pamela S. Tikellis, Esquire, CHIMICLES & TIKELLIS, Wilmington,
Delaware; Judith L. Spanier, Esquire, (argued), ABBEY GARDY, New York, New
York; Paul J. Geller, Esquire, Howard K. Coates, Jr., Esquire, (argued), CAULEY
GELLER BOWMAN & COATES, Boca Raton, Florida; Aaron L. Brody, Esquire, -
STULL STULL & BRODY, New York, New York; Lawrence D. Levit, Esquire,
WOLF POPPER LLP, New York, New York; Mark A. Topaz, Esquire, Bala
Cynwyd, Pennsylvania; Attorneys for Plaintiffs.
Stephen J. Rothschild, Esquire, (argued), Robert S . Saunders, Esquire, Paul J.
Lockwood, Esquire, SKADDEN ARPS SLATE MEAGHER & FLOM,
Wilmington, Delaware, Attorneys for Defendants Chris-Crafr Industries, Inc.,
Herbert J. Siegel, John C. Siegel, William D. Seigel, and Joelen K. Merkel.
Jesse A. Finkelstein, Esquire, (argued), Peter B. Ladig, Esquire, RICHARDS,
LAYTON & FINGER, Wilmington, Delaware, Attorneys for United Television,
Inc., Norman Perbnutter, James D. Hodgson, Howard F. Roycroft, and Evan C.
Thompson in C.A. No. I821 8.
Donald J. Wolfe, Jr., Esquire, (argued), Matthew E. Fischer, Esquire, POTTER
ANDERSON & CORROON, Jane W. Parver, Esquire, KAY, SCHOLER,
FIERMAN, HAYS & HANDLER, New York, New York, Attorneys for BHC
Communications, Inc., John L. Eastman, Barry S. Greene, Laurence M. Kashdin
and Morgan L. Miller, in C.A. No. 18209, and John L. Eastman in C.A. No.
18218.
LAMB, Vice Chancellor
I.
These consolidated actions arise out of a series of merger agreements
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2
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CONSOLIDATED REPLY BRIEF OF THE CHRIS-CRAFT DEFENDANTS
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EXTRACTED KEY WORDS
CHRIS-CRAFT UTV MERGER BUSINESS JUDGMENT RULE AMENDED COMPLAINTS PRICE PLAINTIFFS COURT DEL SUPPORT SPECIAL COMMITTEES NEGOTIATE NEWS CORPORATION CHRIS-CRAFT DEFENDANTS UNFAIRNESS STOCKHOLDERS ALLEGATIONS TRANSACTION SHAREHOLDER MERGER AGREEMENT NEGOTIATIONS AMENDED COMPLAINTS LACK ALLEGED PROCEDURAL DEFECT INDEPENDENT GROUND BHC ANS CONTROL PREMIUM MINORITY STOCKHOLDERS CONSOLIDATED AMENDED COMPLAINTS CONTROLLING STOCKHOLDER |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE BHC COMMUNICATIONS, INC. ;
SHAREHOLDER LITIGATION
------------------------------------------------------x
------------------------------------------------------x
IN RE UNITED TELEVISION, INC.
SHAREHOLDER LITIGATION
CONSOLIDATED REPLY BRIEF OF THE CHRIS-CRAFT DEFENDANTS
IN SUPPORT OF THEIR MOTIONS TO DISMISS
THE CONSOLIDATED AMENDED COMPLAINTS
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
One Rodney Square
P.O. Box 636
Wilmington, Delaware 19899
(302) 651-3000
Attorneys for Chris-Craft
Industries, Inc., Herbert J. Siegel,
John C. Siegel, William D. Siegel and
Joelen K. Merkel
DATED: March 9,200l
TABLE OF CONTENTS
PRELIMINARY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ARGUMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I. PLAINTIFFS' CLAIMS ARE BASED ON UNREASONABLE
INFERENCES AND UNSUPPORTED CONCLUSIONS. . . . . . . . . . . . . 3
SNIPPETS:
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3
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THE UTV AND BHC DIRECTOR DEFENDANTS REPLY BRIEF IN SUPPORT OF MOTION TO DISMISS
|
EXTRACTED KEY WORDS
BHC UTV PLAINTIFFS SPECIAL COMMITTEE CHRIS-CRAFT DEFENDANTS DIRECTORS DUTY NEGOTIATION INDEPENDENCE FIDUCIARY DUTY MOTIONS EASTMAN BREACH MINORITY ALLEGATIONS DELAWARE INSINUATION SUBSIDIARIES TRANSACTION CARE CLAIM INFERENCE SHAREHOLDERS ATTORNEYS UNITED TELEVISION PARTICIPATION NEWS CORPORATION SUBSERVIENT DIRECTORS CONSULTANCY |
ORIGINAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IN RE BHC COMMUNICATIONS, INC. : Consolidated
SHAREHOLDER LITIGATION CA. No. 18209 ,d
IN RE UNITED TELEVISION, INC. : Consolidated
SHAREHOLDER LITIGATION CA. No. 18218
THE UTV AND BHC
DIRECTOR DEFENDANTS' REPLY BRIEF
IN SUPPORT OF THEIR MOTIONS TO DISMISS
Donald J. Wolfe, Jr. Jesse A. Finkelstein
Matthew E. Fischer Peter B. Ladig
Potter Anderson & Corroon LLP Richards, Layton & Finger, P.A.
13 13 North Market Street One Rodney Square
P.O. Box 95 1 P.O. Box 55 1
Wilmington, Delaware 19899-095 1 Wilmington, Delaware 19899
(302) 984-6000 (302) 658-6541
Attorneys for BHC Communications, Inc., Attorneys for United Television, Inc.,
John L. Eastman, Barry S. Greene, Norman Perlmutter, James D. Hodgson,
Lawrence M. Kashdin and Morgan L. Miller Howard F. Roycroft and
in In re BHC Communications, Inc. Evan C. Thompson in
In re United Television, Inc.
Attorneys for John L. Eastman in
In re United Television, Inc.
Dated: March 9.2001
PRELIMINARY STATEMENT
SNIPPETS:
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4
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PLAINTIFFS BRIEF IN OPPOSITION TO DEFENDANTS MOTION TO DISMISS
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EXTRACTED KEY WORDS
CHRIS-CRAFT DEFENDANTS SHAREHOLDERS PLAINTIFFS SPECIAL COMMITTEE NEWS CORPORATION COUNSEL MOTION TRANSACTION DISMISS FACTS FINANCIAL ADVISOR VIACOM YORK NEGOTIATIONS MINORITY SHAREHOLDERS LLP UTVI WILMINGTON MERGER AGREEMENT LITIGATION ALLEGATIONS BHC BOARD BROADCAST CASH FLOW BUSINESS JUDGMENT RULE INSTRUCTIONS CBS CO-LEAD COUNSEL PRELIMINARY STATEMENT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
_________________--_------------------------------------------ X
IN RE BHC COMMUNICATIONS, INC. : C.A. No. 18209
SHAREHOLDERS LITIGATION
-------_-----_------------------------------------------------ x
PLAINTIFFS' BRIEF IN OPPOSITION TO DEFENDANTS' MOTIONS TO DISMISS
CHIMICLES & TIKELLIS LLP
Pamela S. Tikellis
Robert J. Kriner, Jr.
Timothy R. Dudderar
One Rodney Square
p.0. Box 1635 &
Wilmington, DE 19899`i.;
(302) 656-2500 ;
.~
Co-Lead and Co-Liaisbn Counse(,for
Plaintiffs
ROSENTHAL MONHAl$.GRO!$$$
GODDESS, P.A.
Joseph A. Rosenthal
Suite 1401
Mellon Bank Center
Wilmington, Delaware 19801
(302) 656-4433
Co-Liaison Counsel for Plaintiffs
OF COUNSEL:
ABBEY GARDY & SQUITIERI, LLP
212 East 39th Street
New York, New York 10016
(212) 889-3700
WOLF POPPER, LLP
845 Third Avenue
New York, New York 10022
(212) 759-4600
Co-Lead Counsel for Plaintiffs
TABLE OF
SNIPPETS:
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5
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OPENING BRIEF OF CHRIS-CRAFT DEFENDANTS IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
BHC FACTS UTV AMENDED COMPLAINTS SPECIAL COMMITTEES DEFENDANTS NEWS CORPORATION COMPL PLAINTIFFS TRANSACTION MERGER COURT SUPPORT DEL MOTION STOCKHOLDERS FINANCIAL ADVISORS ALLEGATIONS BUSINESS JUDGMENT RULE PRELIMINARY STATEMENT BUSINESS JUDGMENT CONTROL PREMIUM MERGER AGREEMENT MERGER CONSIDERATION FIDUCIARY DUTY PROPOSED TRANSACTION NEGOTIATIONS SUBSIDIARIES MINORITY STOCKHOLDERS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
------------------------------~-----------------------x
IN RB BHC COMMUNICATIONS, INC. : Consolidated
SHAREHOLDER LITIGATION C.A.No. 18209'
-------------------------------------------------------x
-------------------------------------------------------x
IN RE UNITED TELEVISION, INC. : Consolidated
SHAREHOLDER LITIGATION C.A. No. 18218
-_--------------------------------------------------- x
OPENING BRIEF OF THE CHRIS-CRAFT DEFENDANTS
IN SUPPORT OF THEIR MOTIONS TO DISMISS
THE CONSOLIDATED AMENDED COMPLAINTS
SKADDEN, ARPS, SLATE,
MEAGHEIX & FLOM LLP
One Rodney Square
P.O. Box 636
Wilmington Delaware 19899
(302) 651-3000
Attorneys for Chris-Craft
Industries, Inc., Herbert J. Siegel,
John C. Siegel, William D. Siegel and
Joelen K. Merkel
DATED: February 23,200l
TABLE OF CONTENTS
TABLE OF CASES AND AUTHORITY ~ . . . . . . . . . . i . . . . . . . . . ~ . . . . i
PRELIMINARY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . 1
SNIPPETS:
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6
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OPENING BRIEF OF BHC AND UTV DIRECTOR DEFENDANTS IN SUPPORT OF MOTIONS TO DISMISS
|
EXTRACTED KEY WORDS
BHC UTV COMPLAINT SHAREHOLDERS MOTIONS WILMINGTON DELAWARE DISMISS JOHN PLAINTIFFS BHC COMMUNICATIONS UNITED TELEVISION EASTMAN SPECIAL COMMITTEES CORROON LLP RODNEY SQUARE RICHARDS ATTORNEYS FINKELSTEIN LADIG POTTER ANDERSON NORTH MARKET STREET NORMAN PERLMUTTER LAWRENCE ROYCROFT THOMPSON TRANSACTION FINANCIAL ADVISORS AMENDED COMPLAINTS ALLEGATIONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY $?
--a
-2
- I . .
________________________________________-------------- x
./p,::,
IN RE BHC COMMUNICATIONS, INC. : Consolidated C.A. No. 18209 .::,, 2
SHAREHOLDER LITIGATION : ;
r,;.
________"___________----~----------------------------- x Z.Y _
-,
CA < -
2; C`j
____________________----~----------------------------- x -5 .PJ
IN RE UNITED TELEVISION, INC. : Consolidated C.A. No. 18218 "; w
SHAREHOLDER LITIGATION
________________________________________-------------- x
OPENING IBRIEF OF THE BHC AND UTV DIRECTOR DEFENDANTS
IN SUPPORT OF THEIR MOTIONS TO DISMISS THE
CONSOLIDATED AMENDED COMPLAINTS
Donald J. Wolfe, Jr. Jesse A. Finkelstein
Matthew E. Fischer Peter B. Ladig
Potter Anderson & Corroon LLP Richards, Layton & Finger, P.A.
13 13 North Market Street One Rodney Square
P.O. Box 95 1 P.O. Box 55 1
Wilmington, Delaware 19899-095 1 Wilmington, Delaware 19899
(302) 984-6000 (302) 658-6541
Attorneys for BHC Communications, Inc., Attorneys for United Television,
John L. Eastman, Barry S. Greene, Norman Perlmutter, James D. Hodgson,
Lawrence M. Kashdin and Morgan L. Miller Howard F. Roycroft and
in In re BHC Communications, Inc. and Evan C. Thompson in
John L. Eastman in h_re United Television, Inc. re
In
Dated: February 23,200l
SNIPPETS:
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7
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CONSOLIDATED CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
CHRIS-CRAFT DEFENDANTS COMMON STOCK PLAINTIFFS NEWS CORPORATION SHARES TRANSACTION MERGER SPECIAL COMMITTEE YORK MINORITY SHAREHOLDERS PRICE VIACOM TELEVISION FINANCIAL ADVISOR UTVI MERGER CONSIDERATION NEGOTIATIONS BHC MINORITY STOCKHOLDERS MERGER AGREEMENT BHC BOARD PROPOSED TRANSACTIONS DELAWARE CORPORATION COMMUNICATIONS PRINCIPAL OFFICES PREFERRED ADRS CBS FIDUCIARY DUTIES WASSERSTEIN PERELLA |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
- - - - - -_ ._-_^I-_..-- ..-....__ - ______.- .__~
I
IN RE BHC COMMUNICATIONS, INC. CONSOLIDATED CIVIL;?;
SHAREHOLDER LITIGATION ACTION NO. 18209 NC -..
I
. ..____ _____._______.____._ - .___ ---.^ll. ---- --_. __..-... I
TO: Steven J. Rothschild, Esquire Donald J. Wolfe,
Skadden Arps Slate Meagher Potter Anderson &
& Flom, LLP Hercules Plaza
One Rodney Square Wilmington, DE 19801
Wilmington, DE 1980 1
NOTICE OF FILING CONSOLIDATED
AMENDED COMPLAINT
Pursuant to paragraph 6 ofthe Order of Consolidation entered on September
plaintiffs herewith file the within Consolidated Amended Complaint.
;p;:c ~-
Wilmington, DE 19801
Plaintiffs' Co-Lead and Co-Liaison
ROSENTHAL, MONHAIT, GROSS
-ODDESS, P.A.
Plaintiffs' Co-Liaison Counsel
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
- -- - . - - _ - - _ _ - _ - .------._ -__-___
IN RE BHC COMMUNICATIONS, INC. / CONSOLIDATED
SHAREHOLDER LITIGATION I AMENDED CLASS ACTION
! COMPLAINT
CONSOLIDATED CIVIL ACTION
SNIPPETS:
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8
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CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
CHRIS-CRAFT PLAINTIFF DEFENDANTS COMMON SHARES SIEGEL COMMON STOCK YORK VICE PRESIDENT UTV STOCKHOLDER SHAREHOLDERS TRANSACTION MERGER CONSIDERATION VOTE MEMBERS CASH NEWS CORPORATION PREFERRED ADRS DAMAGES VOTING LIMITATIONS COURT JOHN LAW CHRIS-CRAFT OFFICERS TELEVISION FIDUCIARY DUTIES DEALING |
!@ BY\"
,' F-
IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE
/I
IN AND FOR NEW CASTLE COUNTY I
HELENE GISSEN REVOCABLE TRUST, Civil Action No.
A/K/A HELENE ROSENTHAL, dated
January 5, 1994, CLASS ACTION COMPLAINT
Plaintiff,
I
-against-
BHC COMMUNICATIONS, INC., HERBERT
J. SIEGEL, WILLIAM D. SIEGEL, JOHN
C. SIEGEL, LAURENCE M. KASHDIN,
JOELEN K. MERKEL, BARRY S. GREENE,
MORGAN L. MILLER, JOHN L. EASTMAN,
and CHRIS-CRAFT INDUSTRIES, INC.,
Defendants.
Plaintiff: alleges upon information and belief, except for
paragraph 1 which is alleged upon knowledge, as follows:
THE PARTIES
1. Plaintiff is the owner of shares of common stock oE
BHC Communications, Inc. ("BHC" or the "Company").
2. BHC is a corporation duly organized under the laws
of the state of Delaware with principal offices located at 767
Fifth Avenue, New York, New York. The Company's principal business
is television broadcasting. BHC is 80% owned by defendant Chris-
Craft Industries, Inc. ("Chris-Craft"). Chris-Craft owns 18
million shares of BHC's Class B common stock. BHC owns 100% of
Chris-Clraft Television, Inc., 100% of Pinelands, Inc. and 58.5% of
United Television, Inc. ("UTV"). The Company has outstanding 4.5
million shares of Class A common stock, and 18 million shares of
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