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1
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PLAINTIFFS ANSWERING BRIEF IN OPPOSITION TO MOTION TO STAY
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EXTRACTED KEY WORDS
DEFENDANTS COURT DELAWARE KPMG TAYLOR IRWIN COLE PLAINTIFFS SECURITIES LITIGATION CHANCERY COUNSEL CLASS ACTION RELIANCE PUBLIC SHAREHOLDER ALLEN LITIGATION ARTHUR DISTRICT COURT AMENDED COMPLAINT CHRISTOPHER ALSTRIN SUSMAN ROBERT LORI COLE FIDUCIARY DUTY PROCEEDING PRIOR PENDING SPLIT-OFF DISCOVERY BANKRUPTCY COURT CROSS-CLAIMS MELVIN PEARL RAC |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IRWIN COLE, et al.,
t
Plaintiffs, >
v. i Civil Action No. 16594-NC
SIDNEY J. TAYLOR, et al., 1 ,r$ cl
--L> -
_-
Defendants. ; ! --
;, : .:I
. ::
___ - r.3 r-m
I c,,
-2
PLAINTIFFS' ANSWERING BRIEF IN OPPOSITION TO ::; "`-3 :
MOTIONS TO STAY OF THE TAYLOR DEFENDANTS AN&s-, ..
CHRISTOPHER ALSTRIN AND DEFENDANT KPMG, LLP-`f; `?i
SMITH, KATZENSTEIN & FURLOW LLP
Craig B. Smith
800 Delaware Avenue `,
Post Office Box 410
Wilmington, Delaware 19899-0410
(302) 652-8400
Attorney for Plaintiffs
OF COUNSEL:
SUSMAN & WATKINS
Arthur T. Susman
Robert E. Williams
Two First National Plaza, Suite 600
Chicago, Ilinois 60603
(3 12) 346-3466
January 26, 2001
TABLE OF CONTENTS
SNIPPETS:
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2
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OPENING BRIEF IN SUPPORT OF KPMGS MOTION TO STAY
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EXTRACTED KEY WORDS
COURT COLE DEFENDANTS DELAWARE KPMG PLAINTIFFS MOTION WILLIAM TRUST FBO TEXAS DEL DISTRICT CHANCERY MDL MORTGAGE COMPANY LAW FIDUCIARY DUTY RELIANCE ACCEPTANCE GROUP LORI COLE PARTNERSHIP AMENDED COMPLAINT FEDERAL ACTIONS SPLIT-OFF TRUST FBO CATHY EXEMPT TRUST FBO KPMG PEAT COUNSEL BAKER BOTTS PENDENCY |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
SHIRLEY B. COLE, Individually And As
Independent Executor Of The Estate
Of Irwin Cole, JUSTIN WILILIAMS, CATHY
CO:LE WILLIAMS, As Trustee For 1993 ;
Exempt Trust fbo Lori Cole, 1993 NON- )
EX:EMPT TRUST fbo LORI COLE, 1985 TRUST )
FO:R TODD JUSTIN WILLIAMS, 1992 TRUST 1
FOR BRADLEY F. WILLIAMS, BRADLEY F. )
WI:LLIAMS UGMA, 1992 TRUST FOR TODD ) 1C.A. No. 16594NC
JUSTIN WILLIAMS, IAN HUNT And JUSTIN )
WILLIAMS, As Co-Successor Trustees )
For Tayco Trusts, LORI COLE,
Individually And As Trustee For 1993 ;
Exempt Trust fbo Cathy Cole Williams,
1993 NON-EXEMPT TRUST fbo CATHY COLE ;
WILLIAMS, And The 1985 TRUST FOR 1
JAMIE L:EIGH MATHEWS, )1
Plaintiffs,
V .
SIDNEY J. TAYLOR, JE:FFREY W. TAYLOR,
BRUCE W. TAYLOR, IRIS TAYLOR,
Individually And As 'Trustee,
CINDY TAYLOR BLIEL, 'THE TAYLOR FAMILY
PARTNERSHIP, TAYLOR CAPITAL GROUP,
INC., HOWARD SILVERMAN, THOMAS
BARLOW, MICHAEL BERNICK, MELVIN E.
PE:ARL, Individually And As Trustee,
J. CHRISTOPHER ALSTRIN, KPMG PEAT
MARWICK, L.L.P.,
Defendants.
0PE:NING BRIEF IN SUPPORT
OF DEFENDANT KPMG LLP's MOTION TO STAY
MORRIS, NICHOLS, ARSHT & TUNNELL
William H. Sude:Ll, Jr.
Thomas R. Hunt, Jr.
Christian J. Henrich
1201 N. Market Street
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3
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PLAINTIFFS ANSWERING BRIEF IN OPPOSITION TO DEFENDANT T. BARLOWS MOTION TO DISMISS
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EXTRACTED KEY WORDS
PLAINTIFFS SPLIT-OFF TAYLORS COMPLAINT DEFENDANT ALLEGATIONS EMPLOYMENT MOTION DISMISS DEL FACTS ALLEGE PRIOR OPPOSITION COMPL PROXY MATERIALS DISCLOSURES FRAUD OFFICER RAC BREACH FIDUCIARY DUTY SUPR CONTRACT RAG CHIEF EXECUTIVE OFFICER RELIANCE FINANCIAL CONDITION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IRWIN COLE, et al.,
Plaintiffs, j
V. i Civil Action No. 16594 NC
1
SIDNEY J. TAYLOR, et al.,
Defendants. )
PLAINTIFFS' ANSWERING BRIEF IN OPPOSITION TO
DEFENDANT THOMAS BARLOW'S MOTION TO DISMISS
PLAINTIFFS' COMPLAINT OR IN THE ALTERNATIVE TO STAY
SMITH, KATZENSTEIN & FTFW LLl$,'
Craig B. Smith _- ._
800 Delaware Avenue :.: ._,
I- >)i ;
Post Office Box 410 ^. .c.>,; -_
Wilmington, Delaware 19899 :, 71
, --__
(302) 652-8400 i'Kl
Attorney for Plaintiffs . .
_-. ` Q,
4; &!
OF COUNSEL:
SUSMAN & WATKINS
Arthur T. Susman
Robert E. Williams
Two First National Plaza, Suite 600
Chicago, Illinois 60603
(3 12) 346-3466
Date: January 28,200O
TABLE OF CONTENTS
SNIPPETS:
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4
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PLAINTIFFS ANSWERING BRIEF IN OPPOSITION TO MOTIONS TO DISMISS OR STAY
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EXTRACTED KEY WORDS
COLE DEFENDANTS FACTS PEARL COURT DELAWARE SILVERMAN MOTION DEL PLAINTIFFS DISMISS FIDUCIARY DUTY IRWIN COLE SHAREHOLDERS COMPLAINT SPLIT-OFF BUSINESS JUDGMENT RULE DIRECTORS RAC TAYLOR FAMILY PARTNERSHIP ADVERSARY PROCEEDING TAYLOR CAPITAL GROUP HOWARD SILVERMAN EXCHANGE AGREEMENT MORTGAGE COMPANY ALLEGATIONS CONSTRUCTIVE FRAUD BANKRUPTCY COURT DISCLOSURE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IRWIN COLE, et al.,
Plaintiffs,
;
V. ) C. A. No. 16594 NC
>
SIDNEY J. TAYLOR, et al., 1
Defendants. ;
PLAINTIFFS' ANSWERING BRIEF
IN OPPOSITION TO MOTIONS TO DISMISS OR STAY OF THE
TAYLOR DEFENDANTS, MELVIN E. PEARL AND HOWARD SILVERMAN
SMITH, KATZENSTEIN & FURLOW LLP
Craig B. Smith
800 Delaware Avenue
Post Office Box 4 10
Wilmington, DE 198990410
(302) 652-8400 :75!
rJ';
Attorney for Plaintiffs -i.
-J?. -
1,
Of Counsel: /
Arthur T. Susman
Robert E. Williams
SUSMAN & WATKINS ! ,,I
*-.z
Two First National Plaza, Suite 600 -, . .
-. c.
Chicago, IL 60603
(3 12) 346-3466
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5
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DEFENDANT T. BARLOWS OPENING BRIEF IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
BARLOW COLE DEFENDANTS COMPLAINT COURT DELAWARE JUSTIN WILLIAMS THOMAS BARLOW TAYLOR SPLIT-OFF TRANSACTION TRUST FBO WILMINGTON FACTS DEL RELIANCE TRUE FINANCIAL CONDITION LORI COLE FIDUCIARY DUTY RAG ALLEGATIONS TRUSTEE ATTORNEYS FINANCIAL STATEMENTS EXEMPT TRUST FBO TODD JUSTIN WILLIAMS BRADLEY HOWARD SILVERMAN OPENING AUTHORITIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IRWIN COLE; SHIRLEY B. COLE; JUSTIN WILLIAMS;
CATHY COLE WILLIAMS as TRUSTEE FOR 1993
EXEMPT TRUST fbo LORI COLE, 1993 NON-EXEMPT
TRUST fbo LORI COLE, 1985 TRUST FOR TODD
JUSTIN WILLIAMS, 1992 TRUST FOR BRADLEY F.
WILLIAMS, BRADLEY F. WILLIAMS UGMA, 1992
TRUST FOR TODD JUSTIN WILLIAMS; LAN HUNT
AND JUSTIN WILLIAMS AS CO-SUCCESSOR TRUSTEES
FOR TAYCO TRUSTS; LORI COLE, INDIVIDUALLY
AND AS TRUSTEE FOR 1993 EXEMPT TRUST fbo
CATHY COLE WILLIAMS, 1993 NON-EXEMPT >
TRUST fbo CATHY COLE WILLIAMS and the 1985 >
TRUST FOR FAMIE LEE MATTHEWS, >) C.A: No.
Plaintiffs, > ...
>
V. >>
SIDNEY J. TAYLOR; JEFFREY W. TAYLOR; BRUCE W. >
TAYLOR; IRIS TAYLOR; CINDY TAYLOR BLIEL; >
THE TAYLOR FAMILY PARTNERSHIP; TAYLOR >
CAPITAL GROUP, INC.; HOWARD SILVERMAN; THOMAS )
BARLOW; MICHAEL BERNICK; MELVIN E. PEARL; 1
RICHARD TINBURG; and ADELINE DOUGHERTY, )1
Defendants. 1
DEFENDANT THOMAS BARLOW'S OPENING BRIEF IN
SUPPORT OF HIS MOTION TO DISMISS
PLAINTIFFS' COMPLAINT OR IN THE ALTERNATIVE TO STAY
Bruce R. Meckler Francis J. Murphy
James H. Kallianis, Jr John S. Spadaro
Christopher E. Kenh-a Jonathan L. Parshall
Meckler Bulger & Tilson 824 Market Street, Suite 700
233 South Wacker Drive P.O. Box 8989
8300 Sears Tower Wilmington, Delaware 19899
Chicago, Illinois 60606 Telephone: (302) 654-4600
Telephone: (3 12) 474-7900 Facsimile: (302) 654-4775
Facsimile: (3 12) 474-7898 Attorneys for Defendant Thomas Barlow
00060360.DOC
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6
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COLE V. TAYLOR DEFENDANT MELVIN E. PEARLS MOTION TO DISMISS PLAINTIFFS COMPLAINT
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EXTRACTED KEY WORDS
COMPLAINT DISMISS PLAINTIFFS WILLIAMS COLE TRUST TAYLOR ESQUIRE DELAWARE JUSTIN PLAINTIFFS PURPORT ASSERT WILMINGTON TRANSACTION COURT DELAWARE CHANCERY RULES TRUSTEE TRUST FBO LORI COLE DEFENDANT MELVIN FAILURE DEMAND DIRECTORS PARTICULARITY FACTS SUFFICIENT RELIEF CERTIFICATE LAW RAISE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
I R W I N COLE; SHIRLEY B. COLE; JUSTIN WILLIAMS;
CATHY COLE WILLIAMS, as Trustee for 1993
Exempt Trust fbo Lori Cole, 1993 NON-EXEMPT
TRUST fbo LORI COLE; 1985 TRUST FOR TODD JUSTIN
WILLIAMS; 1992 TRUST FOR BRADLEY F. WILLIAMS;
BRADLEY F. WILLIAMS UGMA; 1992 TRUST FOR
TODD JUSTIN WILLIAMS; IAN HUNT AND JUSTIN
WILLIAMS as Co-Successor Trustees for Tayco Trusts;
LORI COLE, Individually and as Trustee for 1993
Exempt Trust fbo Cathy Cole Williams; 1993 NON-
EXEMPT TRUST fbo CATHY COLE WILLIAMS; and `_
the 1985 TRUST FOR JAMIE LEE MATTHEWS, C. A. No. 16594
Plaintiffs, " a
,?
v .
SIDNEY J. TAYLOR; JEFFREY W. TAYLOR; BRUCE W.
TAYLOR; IRIS TAYLOR; CINDY TAYLOR BLIEL;
the TAYLOR CAPITAL GROUP, INC.; HOWARD
SILVERMAN; THOMAS BARLOW; MICHAEL BERNICK;
MELVIN E. PEARL; RICHARD TINBURG; and ADELYN
DOUGHERTY,
Defendants.
DEFENDANT MELVIN E. PEARL'S
MOTION TO DISMISS PLAINTIFFS' COMPLAINT
Defendant Melvin E. Pearl ("Pearl"), by and through his undersigned counsel and pursuant to
Rule 7 of the Delaware Chancery Rules, hereby respectfully moves this Court to dismiss plaintiffs'
complaint on the following grounds:
1. Pearl moves to dismiss Counts I, II and III of the complaint because the claims
plaintiffs purport to assert in those counts are derivative in nature and plaintiffs have failed to
with Rule 23.1 of the Delaware Chancery Rules by making a demand upon the board of directors of
SNIPPETS:
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7
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COMPLAINT
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EXTRACTED KEY WORDS
COLE TAYLOR STOCK FINANCE BUSINESS AUTOMOBILE CATHY COLE WILLIAMS LORI COLE TRUST HOWARD SILVERMAN SIDNEY DIRECTORS RELIANCE MEMBERS BANK DEFENDANTS DOUGHERTY SPLIT-OFF TAYLOR BLIEL EXCHANGE AGREEMENT PLAINTIFFS IRWIN COLE MORTGAGE COMPANY JEFFREY TAYLOR DELAWARE CORPORATION COMMERCIAL BANKING THOMAS BARLOW TODD JUSTIN STOCKHOLDERS COMMON STOCK |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
IRWIN COLE; SHIRLEY B. COLE; JUSTIN )
WILLIAMS; CATHY COLE WILLIAMS AS
TRUSTEE FOR 1993 EXEMPT TRUST fbo ;
LORI COLE, 1993 NON-EXEMPT TRUST fbo )
LORI COLE, 1985 TRUST FOR TODD JUSTIN )
WILLIAMS, 1992 TRUST FOR BRADLEY F. ) :
WILLIAMS, BRADLEY F. WILLIAMS UGMA, )
1992 TRUST FOR TODD JUSTIN WILLIAMS; )
IAN HUNT AND JUSTIN WILLIAMS AS
CO-SUCCESSOR TRUSTEES FOR TAYCO
1
TRUSTS; LORI COLE, INDIVIDUALLY AND ) :'
AS TRUSTEE FOR 1993 EXEMPT TRUST fbo )
-1,
CATHY COLE WILLIAMS, 1993 NON EXEMPT )
TRUST fbo CATHY COLE WILLIAMS, and the )
1985 TRUST FOR JAMIE LEE MATTHEWS, )
Plaintiffs, i
V. ; Civil Action No. )((zFF-/dC
1
SIDNEY J. TAYLOR, JEFFREY W. TAYLOR, )
BRUCE W. TAYLOR, IRIS TAYLOR, CINDY )
TAYLOR BLIEL, THE TAYLOR FAMILY
PARTNERSHIP, TAYLOR CAPITAL GROIJP, 1
INC., HOWARD SILVERMAN, THOMAS
BARLOW, MICHAEL BERNICK, MELVIN E. i
PEARL, RICHARD TINBURG, and ADELYN )
DOUGHERTY,
i
Defendants. )
COMPLAINT
Nature of the Action
1. Before the events of this lawsuit, Cole Taylor Financial Group, Inc. ("Cole Taylor"
or "Company"), a Delaware corporation and a publicly traded company, had two distinct business
areas: a commercial banking and an automobile finance business. The company's two founders,
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