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1
.
REMAINING DEFENDANTS REPLY BRIEF IN SUPPORT OF MOTION TO REOPEN FACT DISCOVERY
|
EXTRACTED KEY WORDS
PLAINTIFF DEFENDANTS MOTION LEXIS SPECIAL COMMITTEE AMENDED COMPLAINT PRIVILEGE DEPOSITIONS REOPENING DEL COURT BELK PREJUDICE DUTIES REQUEST SUMMARY JUDGMENT CLARIOND LEGAL ADVICE SUPER STEELE COUNSEL MEMBER REASON WITNESSES UNDERSTANDING ATTORNEY-CLIENT DISCOVERY DEADLINE ASSERTS PERMIT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA S. CLEMENTS, >
Plaintiff,
V.
Civil Action No. 15711
ROBERT D. ROGERS, GORDON E.
FORWARD, ROBERT ALPERT, GERARD i
R. HEFFERNAN, CHAPARRAL STEEL >
COMPANY, JOHN M. BELK, EUGENIO
CLARIOND REYES, and TEXAS
INDUSTRIES, INC., >
Defendants.
REMAINING DEFENDANTS' REPLY BRIEF IN
SUPPORT OF THEIR MOTION TO REOPEN FACT DISCOVERY
MORRIS, NICHOLS, ARSHT & TUNNELL
William 0. LaMotte, III
Jessica Zeldin
Matt Neiderman
1201 N. Market Street
P.O. Box 1347
Wilmington, DE 19899-1347
(302) 658-9200
Attorneys for Robert D. Rogers, Gordon E.
Forward, Robert Alpert, Gerard R. Heffeman,
Chaparral Steel Company, and Texas
Industries, Inc.
October 12,200l
i.
TABLE OF CONTENTS
SNIPPETS:
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2
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PLAINTIFFS BRIEF IN OPPOSITION TO MOTION TO REOPEN FACT DISCOVERY
|
EXTRACTED KEY WORDS
LEXIS DEL PLAINTIFF BELK DISCOVERY COUNSEL SUPER CIV PRIVILEGE SPECIAL COMMITTEE CLARIOND DEPOSITION MOTION COURT TEXAS INDUSTRIES DAIRV MART FACT DISCOVERY SUMMARY JUDGMENT ROBERT ALPERT CHAPARRAL STEEL COMPANY ADMIRAL INSURANCE COMPANY DISCOVERY CUT-OFF PRIVILEGE LOG EUGENIO CLARIOND REYES FILA SNORT FITZGERALD DAIRV MART CONVENIENCE ATTORNEY-CLIENT PRIVILEGE |
ORIGINAL
tURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA CLEMENTS,
Plaintiff,
- v. - Civil Action No. 15711 NC
ROBERT D. ROGERS, GORDON E. FORWARD,
ROBERT ALPERT, GERALD R. HEFFERNAN,
JOHN M. BELK, EUGENIO CLARIOND REYES,
CHAPARRAL STEEL COMPANY, and TEXAS
INDUSTRIES, INC.,
Defendants.
_---__---_---_---------------------------------
PLAINTIFF'S BRIEF IN OPPOSITION TO _./.
1, .-
MOTION TO REOPEN FACT DISCOVERY i .?
i->. --i'.tt-, j
ROSENTHAL, MONHAIT, GROSS -.
& GODDESS, P.A.
Norman M. Monhait
Suite 1401, Mellon Bank Center
919 N. Market Street
Wilmington, Delaware 19899
(302) 656-4433
Attorneys for Plaintiff
OF COUNSEL:
WOLF POPPER LLP
845 Third Avenue
New York, NY 10022
(212) 759-4600
October 5. 2001
TABLE OF CONTENTS
SNIPPETS:
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3
.
ORDER
|
EXTRACTED KEY WORDS
PLAINTIFF SUMMARY JUDGMENT HEREBY MERGER CLASS CERTIFICATION COURT MOTION PROXY STATEMENT PRICE LAW FIRM TERESA CLEMENT REASONS OPINION COMMITTEE UNFAIR DEALING CLAIMS DEFENDANTS JOHN BELK EUGENIO CLARIOND REYES PURSUANT COUNSEL EQUITY MEMBERS IMMEDIATE FAMILIES TRUST FORMER CHAPARRAL SHAREHOLDERS PERFECTED APPRAISAL RIGHTS DEL WOLF POPPER LLP |
ORIGINAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA CLEMENT&
Plaintiff,
j CA. No. 15711 NC
- v. - I ,m
I CT;::
11, c
ROBERT D. ROGERS, GORDON E. FORWARD, j
I :y _.
ROBERT ALPERT, GERALD R. HEFFERNAN, 0
, i:`z:~
-~_ N
JOHN M. BELK, EUGENIO CLARIOND REYES, / ID
I
CHAPARRAL STEEL COMPANY, and TEXAS I
INDUSTRIES, INC., 1
Defendants,
I ORDER
z -I
kA-f-
Thi 2 da, of August, 2001, defendants having moved for summary judgment and
plaintiff having moved for class certification, and the Court having considered the briefs and
arguments of the parties on such motion, now, therefore, for the reasons set forth in the Court's
Opinion of August 14,2001, it is hereby ORDERED as follows:
1. Summary Judgment is granted in favor of all defendants on plaintiffs
claim that the Chaparral Steel Company ("Chaparral") Proxy Statement dated November 28,
1997 ("Proxy Statement") was materially misleading concerning the circumstances of the Special
Committee's acceptance of a price below $16 per share, the price plaintiff claims the Special
Committee earlier concluded was the lowest fair price it could accept. Plaintiff, however, may
assert such contentions as part of her unfair dealing claims and in response to defendants'
SNIPPETS:
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4
.
MEMORANDUM OPINION
|
EXTRACTED KEY WORDS
BELK SPECIAL COMMITTEE OPINION CLEMENTS MERGER ROBINSON-HUMPHREY TX1 PRICE CLARIOND DEFENDANTS PROXY STATEMENT DELAWARE STEEL DISCLOSURE STOCKHOLDERS MANAGEMENT SUMMARY JUDGMENT TRANSACTION MERGER CONSIDERATION NEGOTIATIONS TXI ACQUIESCENCE TEXAS INDUSTRIES VICE CHANCELLOR DEFENDANTS ARGUE MANAGEMENT SCENARIOS DCF VALUATION PRELIMINARY INJUNCTION WILMINGTON |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA CLEMENTS, >
Plaintiff,
V. )
> Civil Action No. 15711
ROBERT D. ROGERS, GORDON E. >
FORWARD, ROBERT ALPERT, GERALD R. )
HEFFERNAN, JOHN M. BELK, EUGENIO )
CLARIOND REYES, CHAPARRAL STEEL )
COMPANY, and TEXAS INDUSTRIES, INC., )>
Defendants. >
MEMORANDUM OPINION
Date Submitted: May 18, 2001
Date Decided: August 14, 200l
Norman M. Monhait, Esquire, of ROSENTHAL, MONHAIT, GROSS &
GODDESS, Wilmington, Delaware; Of Counsel: Peter G.A. Safirstein and Robert
M. Kornreich, Esquires, of WOLF POPPER, New York, New York, Attorneys for
Plaintiff.
William 0. LaMotte, III and Jessica Zeldin, Esquires, of MORRIS, NICHOLS,
ARSHT & TUNNELL, Wilmington, Delaware, Attorneys for Robert D. Rogers,
Gordon E. Forward, Robert Alpert, Gerard R. Heffeman, Chaparral Steel Company
and Texas Industries, Inc.; Robert K. Payson and Arthur L. Dent, Esquires, of
POTTER, ANDERSON & CORROON, Wilmington, Delaware; Of Counsel:
Michael R. Smi,th and John P. Brumbaugh, Esquires, of KING & SPALDING,
Atlanta, Georgia, Attorneys for John M. Belk and Eugenio Clariond Reyes.
STRINE, Vice Chancellor
Texas Industries Inc. ("TXI") purchased the 16% of Chaparral Steel
Company it did not already own in a December 3 1, 1997 merger. The
merger price of $15.50 per share was negotiated between TX1 and a "Special
Committee" comprised of the only two members of the Chaparral board not
SNIPPETS:
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5
.
LETTER TO V.C. STRINE
|
EXTRACTED KEY WORDS
COURT DEFENDANTS FAIRNESS STRINE HONORABLE LEO BERSHAD FACTS CHART MATERIALS LAW SHAREHOLDER MERGER REFERENCE DISCLOSURE TRANSACTION DELAWARE LAW APPRAISALS VALUATION ANALYSES SUPPLEMENTAL LETTER MINORITY SHAREHOLDER PROXY STATEMENT UNFAIR DEALING VICE CHANCELLOR MERGER CONSIDERATION SUPREME COURT FAIR DEALING PURCHASE PRICE ALLOCATION SUMMARY JUDGMENT WEINBERGER |
ROSENTHAL, MONHAIT, GROSS B GODDESS, P. A.
ATTORNEYS AT LAW
SUITE 1401, MELLON BANK CENTER
JOSEPH A. ROSENTHAL P. 0. BOX 1070 TELEPHONE (302)
NORMAN M. MONHAIT WILMINGTON, DELAWARE 19890-1070 FACSIMILE (302)
KEVIN GROSS E-MAIL
JEFFREY 5. GODDESS
CARMELLA P. KEENER
EDWARD B. ROSENTHAL
May l&2001
The Honorable Leo E. Strine
Court of Chancery
Daniel L. Herrmann Courthouse
1020 North King Street
Wilmington, DE 19801
Re: Clements v. Rogers, et al. .
CA. No. 15711-NC
Dear Vice Chancellor Strine:
At the April 30th hearing, the Court requested counsel to submit a supplemental
concerning certain matters and allowed Plaintiff to comment on a Chart submitted by Defendants
at the hearing. In response to the Court's request, Plaintiff will address in this letter the
points.
A. The applicability of the Bershad defense to an `entire fairness claim
material facts were withheld;
B. The relationship of the requirements of SEC Rule 13e-3 to Delaware law;
C. Plaintiffs comments on the revised Chart submitted by Defendants at the
and
D. Identification of record evidence referenced, but not specifically cited at
argument
By agreement of counsel, Plaintiff and Defendants are today contemporaneously submitting their
supplemental letters for the Court's consideration.
SNIPPETS:
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6
.
LETTER
|
EXTRACTED KEY WORDS
COURT DEFENDANTS SELF-FLAGELLATION STRINE TRANSACTION HONORABLE LEO FILING DEL DUTY PLAINTIFF FACTS ACQUIESCENCE FAIRNESS MATERIALS SLIP STOCKHOLDERS PROXY STATEMENT SHAREHOLDERS VICE CHANCELLOR SUPPLEMENTAL LETTER FILING ENTITY SHAREHOLDER RATIFICATION APPRAISALS REGULATIONS INFERENCES MATERIALITY STANDARD DISCLOSURE ALLEGATIONS FIDUCIARY DUTY MERGER PARTNER |
MORRIS, NICHOLS, AXWIT ~TUNNELL
1201 Nose MARMOT STREET
P.O. Box 1347
WILMINGTON, DELAWARE 19899-1347
3026589200 Mom A. Ler
s.T*NmpD L. STwENsoH,
3026583989Fztx Deer C. Ansorr
Jewca Znrnni
May 18,200l
VIAHANDDELlh'ERY
The Honorable Leo E. Strine
Court of Chancery
Daniel L. Herrmann Courthouse
1020 North King Street
Wilmington, DE I.9801
Re: Teresa S. Clements v. Robert D. Rogers,
&al.. C.A. No. 15711-NC
Dear Vice Chancellor Strine:
I write on behalf of all defendants. At oral argument on defendants' motion for
summary judgment on April 30, Your Honor asked that the parties submit a supplemental letter on
three topics:
(1) Where the duty to fully disclose is carried out, can that disclosure
short of providing the basis for an acquiescence defense precluding
stockholders from pursuing lack of fairness claims because descriptive
information constituting "self-flagellation" need not be disclosed?
(2) SEC rules, regulations, commentaries or other SEC authority, effective in
1997, prescribing the filing requirements related to going private
SNIPPETS:
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7
.
DEFENDANTS ANSWERING BRIEF IN SUPPORT OF MOTION FOR SUMMARY JUDGMENT
|
EXTRACTED KEY WORDS
ROBINSON-HUMPHREY DEFENDANTS NEGOTIATION PROXY STATEMENT PLAINTIFF STOCKHOLDERS COURT CLARIOND SUMMARY JUDGMENT MISLEADING SPECIAL COMMITTEE DISCLOSURE OPINION MOTION SHAREHOLDERS TX1 SUBJECTIVE BELIEFS FACTS RELATING REASONABLENESS LLP SMITH JOHN MANAGEMENT FINANCIAL ADVISOR MATERIAL MISREPRESENTATIONS MISLEAD STOCKHOLDERS HIGHEST PRICE DEPOSITION COMMITTEE MEMBER METHODOLOGIES |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY T -.
cc-, - i
_. `+,
TERESA S. CLEMENT& j-.,.3 `;-; ,`"<"
. . z>. 5 :: .~ i' : / !) 1 )
i `"&' $:kp ".*.<:zJ j',L
/.
Plaintiff, 1 -.I - ~~
r-.'
_I_, -v
i _ -2:
V. _.
i bj-.-
Civil Action No. 1571$;1- zt '
,-
ROBERT D. ROGERS, GORDON E. SC'3
i 4
FORWARD, ROBERT ALPERT, GERARD )
R. HEFFERNAN, CHAPARRAL STEEL
COMPANY, JOHN M. BELK, EUGENIO i
CLARIOND REYES, and TEXAS
INDUSTRIES, INC., ;
Defendants. i
DEFENDANTS' ANSWERING BRIEF IN SUPPORT
OF THEIR MOTION FOR SUMMARY JUDGMENT
Robert K. Payson William 0. LaMotte, III
POTTER ANDERSON & CORROON, LLP Jessica Zeldin
Hercules Plaza MORRIS, NICHOLS, ARSHT & TUNNELL
P. 0. Box 951 1201 North Market Street
Wilmington, DE 19899 P.O. Box 1347
(302) 984-6003 Wilmington, DE 19899- 1347
Attorneys for John M. Belk and (302) 658-9200
Eugenio Clariond Reyes Attorneys for Robert D. Rogers, Gordon
E. Forward, Robert Alpert, Gerard R.
Heffeman, Chaparral Steel Company and
Texas Industries, Inc.
OF COUNSEL:
KING & SPALDING
Michael R. Smith
John P. Brumbaugh
19 1 Peachtree Street, N.E.
Atlanta, GA 30303-1763
January l&2001
SNIPPETS:
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8
.
DEFENDANTS ANSWERING BRIEF IN OPPOSITION TO PLAINTIFFS MOTION FOR CLASS CERTIFICATION
|
EXTRACTED KEY WORDS
COUNSEL REPRESENTATIVES DEFENDANTS MERGER UNIQUE DEFENSES COMPLAINT CLASS CERTIFICATION COURT FACTS MOTION CLEMENTS TYPICALITY REQUIREMENTS DISCLOSURE DEL CHANCERY DELAWARE OPPOSITION SMITH JOHN PLAINTIFF AMENDS ATTORNEYS STOCKHOLDER SUMMARY JUDGMENT CORRECTIVE DISCLOSURES BRUMBAUGH PEACHTREE STREET PLAINTIFF SUES PURCHASE TRANSFORMS CLASS REPRESENTATIVE PURSUANT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
. ." AND NEW CASTLE COUNTY
TERESA S. CLEMENT&
Plaintiff, >
V. 1
ROBERT D. ROGERS, GORDON E. 1
FORWARD, ROBERT ALPERT, GERARD )
R. HEFFERNAN, CHAPARRAL STEEL )
COMPANY, JOHN M. BELK, EUGENIO )
CLARIOND REYES, and TEXAS
INDUSTRIES, INC., ;
Defendants.
DEFENDANTS' ANSWERING BRIEF IN OPPOSITION
TO PLAINTIFF'S MOTION FOR CLASS CERTIFICATION
Robert K. Payson William 0. LaMotte, III
Arthur L. Dent Jessica Zeldin
POTTER ANDERSON & CORROON LLP MORRIS, NICHOLS, ARSHT & TUNNELL
Hercules Plaza 1201 N. Market Street, P.O. Box 1347
P. 0. Box 951 Wilmington, DE 19899-1347
Wilmington, DE 19899 (302) 6.58-9200
(302) 984-6003 Attorneys for Robert D. Rogers, Gordon E.
Attorneys for John M. Belk and Forward, Robert Alpert, Gerard R. Heffeman,
Eugenio Clariond Reyes Chaparral Steel Company and Texas
Industries, Inc.
OF COUNSEL:
KING & SPALDING
Michael R. Smith
John P. Brumbaugh
191 Peachtree Street, N.E.
Atlanta, GA 30303-1763
December 21,200O
i
TABLE OF CONTENTS
SNIPPETS:
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9
.
DEFENDANTS BRIEF IN SUPPORT OF THEIR MOTION FOR SUMMARY JUDGMENT
|
EXTRACTED KEY WORDS
ROBINSON-HUMPHREY BELK TX1 PLAINTIFF MERGER AFF SHAREHOLDERS DEFENDANTS CLARIOND KENAN FAIRNESS KING SUMMARY JUDGMENT ADVISOR COURT LANDERS AFF INDEPENDENCE ALLEGED FAILURE MINORITY SHAREHOLDERS FAIRNESS OPINION DISCLOSURE NEGOTIATIONS STOCKHOLDERS INDUSTRIES ACQUISITION ENGAGEMENT FORMAL FAIRNESS TXI BAXLEY AFF |
I1\ THE COURT OF CHANCERY OF THE STATE OF DEL&W&@ jjjj!&
IN AND FOR NEW CASTLE COUNTY
TERESA S. CLEMENT&
Plaintiff,
;
v.
; Civil Action No. 15711
ROBERT D. ROGERS, GORDON E.
FORWARD, ROBERT ALPERT, GERARD ;
R. HEFFERNAN, CHAPARRAL STEEL 1
COMPANY, JOHN M. BELK, EWGENIO
CLARIONS REYES, and TEXAS
INDUSTRIES, INC.,
Defendants,
DEFENDANTS' BR:lEF IN SUPPORT OF
THEIR MOTION FOR SUMMARY JUDGMENT
Robert K. Payson William 0. LaMotte, III
POTTER AXDERSON & CORROON, LLP Jessica Zeldin
Hercules Plaza MORRIS, NICHOLS, ARSHT & TUNNELL
P. 0. Box 951 1201 N. Market Street, P.O. Box 1347
Wilmington, DE 19899 Wilmington, DE 19899-1347
(302) 984-6003 (302) 658-9200
Attorneys for John M. Belk and Attorneys for Robert D. Rogers, Gordon
Eugenio Clariond Reyes E. Forward, Robert Alpert, Gerard R.
Heffeman, Chaparral Steel Company and
Texas Industries, Inc.
OF COUNSEL:
KING & SFALDING
Michael R. Smith
John P. Brumbaugh
191 Peachtree Street, N.E.
Atlanta. GA. 30303-1763
November (;, 2000
,TABLE OF CONTENTS
TABLE 01: CITATIONS
SNIPPETS:
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10
.
ANSWER OF DEFENDANTS TO SECOND AMENDED AND SUPPL. CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
ALLEGATIONS COURT PLAINTIFF DEFENDANTS DENY DEFENDANTS ADMIT TX1 MERGER MATERIALS PROXY STATEMENT CLASS ACTION RESPECTFULLY REFER PRESENTATION MATERIALS ROBERT ROBINSON-HUMPHREY SPECIAL COMMITTEE CHAPARRAL STEEL TEXAS INDUSTRIES STEEL COMPANY CLASS ACTION COMPLAINT FAIRNESS OPINION ROBERT ALPERT FINANCIAL ADVISOR DENY PLAINTIFFS CHARACTERIZATION SUPPLEMENTAL CLASS ACTION SHAREHOLDERS CHAPARRAL COMMON STOCK PASSAGE ACCURATELY QUOTES CAPACITY VALUATION ANALYSIS INCONSISTENT |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA S. CLEMENT&
Plaintiff,
i
V.
; Civil Action No. 15711
ROBERT D. ROGERS, GORDON E.
FORWARD, ROBERT ALPER.T, GERALD ;
R. HEFFERNAN, CHAPARRAL STEEL
COMPANY, JOHN M. BELK, EUGENIO ;
CLARIONID REYES, and TEXAS
n\JT>USTRIES, INC., i
Defendants.
ANSWER OF DEFENDANTS
CHAPARRAIL STEEL COMPANY, ROBERT D. ROGERS,
GORDON 15. FORWARD, ROBERT ALPERT,
GERALD R. HEFFERNAN AND TEXAS INDUSTRIES, INC. TO PLAINTIFF'S
SECOND AMENDED AND SUPPLEMENTAL CLASS ACTION COMPLAINT
Defendants Chaparral Steel Company ("Chaparral"), Robert D. Rogers, Gordon
E. Forward, Robert Alpert, Gerald R. Heffernan and Texas Industries, Inc. ("TX," and
collectively, "Defendants") answer the respective numbered paragraphs of the Second Amended
and Supplemental Class Action Complaint ("Second Amended Complaint") of plaintiff Teresa S.
C'lements as follows:'
1. Defendants admit that, as a result of the so-called Merger, TX1 acquired
Chaparral, which was a subsidiary of TX1 and of which TX1 owned approximately 84.4% of the
--
1 Defendants do not respond to the Second Amended Complaint's extraneous and
inflammatory headings except to state that they should be s%ricken.
SNIPPETS:
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11
.
ANSWER OF J. BELK AND E. CLARIOND REYES TO SECOND AMENDED AND SUPPL. CLASS ACTION COMPLAINT
|
EXTRACTED KEY WORDS
ALLEGATIONS PARAGRAPH DEFENDANTS DENY DEFENDANTS ADMIT PLAINTIFF FIRST SENTENCE MERGER MATERIALS CLARIOND PROXY STATEMENT INCONSISTENT BELK SPECIAL COMMITTEE COURT TRUTH PLAINTIFF PURPORTS CHAPARRAL STEEL COMPANY TEXAS INDUSTRIES COMPLAINT DIRECTORS INFORMATION SUFFICIENT CLASS ACTION DEFENDANTS LACK KNOWLEDGE ROBINSON-HUMPHREY JOHN SUMMARIZE SHAREHOLDERS FINANCIAL ADVISOR PURPORTED CLASS MEMBERS |
IN THE COU:RT CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
-- x
TERESA S. CLEMENTS,
Plaintiff,
V.
ROBERT D. ROGERS, GORDON E.
FORWARD, ROBERT ALPERT, : C.A. No 15711-NC
GE:RALD R. HEFFERNAN, JOHN M.
EIEILK, E.UGENIO CLARIOND KEYES,
CHAPARRAL STEEL COMPANY and
TE:XAS INDUSTRIES, INC.,
Defendants.
-- x
ANSWER OF JOHN M. BELK AND EUGENIO CLARIOND REYES
TO PLAINTIFF'S SECOND AMENDED AND SUPPLEMENTAL
CLASS ACTION COMPLAINT
Defendants John M. Belk and Eugenio Clariond Reyes
("Defendants"), by their attorneys, come before this Court and
answer each numbered paragraph of the Second Amended and
Supplemental Class Action Complaint (the "Second Amended
Complaint") as follows:
1. Defendants deny the allegations contained in paragraph 1,
except admit that as a result of the Merger Texas Industries, Inc.
( "'TX1 " ) acquired the approximately 15.6% stock ownership of
Chaparral Steel Company ("Chaparral") which i.t did not own before
zhe Merger for consideration of $15.50 per share.
2. Admitted upon information and belief.
SNIPPETS:
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12
.
PLAINTIFFS MEMORANDUM IN OPPOSITION TO DEFENDANTS MOTION FOR PROTECTIVE ORDER
|
EXTRACTED KEY WORDS
PLAINTIFFS COURT MOTION COMPLAINT DISCOVERY UNFAIR MEMBERS FAIRNESS TEXAS INDUSTRIES PROTECTIVE ORDER TRANSACTION ALLEGATIONS DEALING COMMITTEE DIRECTORS FACTS SPECIAL COMMITTEE PRICE DELAWARE CHAPARRAL STEEL RELATING PLAINTIFFS COUNSEL ALLEGES MERGER REASONS SHAREHOLDERS INDEPENDENCE FIDUCIARY DUTIES COMP |
IN THE COURT OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA CLEMENTS.
Plaintiff.
-against- Civil Action No. 15711-NC
ROBERT D. ROGERS; GORDON E.
FORWARD; ROBERT ALPERT; GERALD R.
HEFFERNAN; JOHN M. BELK; EUGENIO
CLARIOND REYES; CHAPARRAL STEEL
COMPANY and TEXAS INDUSTRIES, INC.,
Defendants.
Plaintiff's Memorandum In Opposition To
Defendants' Motion For Protective Order
Introduction
Plaintiff respectfully submits this memorandum in opposition to Defendants' Motion
for a Protective Order, pursuant to Chancery Rule 26(c), seeking to severely limit merits
discovery in this action. By their motion, defendants attempt to foreclose discovery of facts
relating to the basic elements of plaintiffs well-pled allegations regarding defendants'
violations of the doctrine of "entire fairness"and to constrict the plaintiffs ability to make a
full record. Plaintiffs counsel have not engaged in a "fishing expedition" as defendants
assert, but have properly sought reasonable discovery consistent with the allegations pleaded
in the Amended and Supplemental Class Action Complaint (`Complaint").
As described below, the Complaint (annexed as Exhibit B to Defendants' Motion For
Court Of Chancery Rule 26(c) Protective Order) clearly alleges that the acquisition of
Chaparral Steel Company ("Chaparral") by Texas Industries, Inc. ("Texas Industries"), which
SNIPPETS:
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13
.
DEFENDANTS BRIEF IN SUPPORT OF MOTION FOR SUMMARY JUDGMENT AS TO PLAINTIFFS STANDING ...
|
EXTRACTED KEY WORDS
COMPLAINT COURT DEFENDANTS MERGER TEXAS STANDING FACTS DISCOVERY LIABILITY SEPARATE TRIALS DISCLOSURE DAMAGES ROBINSON-HUMPHREY CHAPARRAL STEEL STOCKHOLDER SPECIAL COMMITTEE SUMMARY JUDGMENT LACKS STANDING TEXAS INDUSTRIES PRESENTATION MATERIALS AMENDED COMPLAINT PROXY STATEMENT PAYSON AFF ROBERT ALPERT SHAREHOLDER ALLEGATIONS FAIRNESS OPINION RESCISSIONARY DAMAGES TRANSFORMS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA S. CLEMENTS,
.Plaintiff,
1
V.
i Civil Action No. 15711
ROBERT D. ROGERS, GORDON E. 1
FORWARD, ROBERT ALPERT, GERARD )
R. HEFFERNAN, CHAPARRAL STEEL )
COMPANY, JOHN M. BELK, EUGENIO )
CLARIOND REYES, and TEXAS
INDUSTRIES, INC., 1 I .
Defendants.
L- - -
DEFENDANTS' BRIEF IN SUPPORT OF THEIR MOTION : 1
FOR SUMMARY JUDGMENT AS TO PLAINTIFF'S
STANDING OR IN THE ALTERNATIVE FOR AN ORDER
SEVERING THE LIABILITY ISSUES FOR SEPARATE TRIAL
Robert K. Payson William 0. LaMotte, III
POTTER, ANDERSON & CORROON, LLP Jessica Zeldin
Hercules Plaza MORRIS, NICHOLS, ARSHT & TUNNELL
P. 0. Box 951 1201 N. Market Street, P.O. Box 1347
Wilmington, DE 19899 Wilmington, DE 19899-1347
(302) 984-6003 (302) 6X3-9200
Attorneys for John M. Belk and Attorneys for Chaparral Steel Co.,
Eugenio Clariond Reyes Robert D. Rogers, Gordon E. Forward,
Robert Alpert, Gerard R. Heffeman
and Texas Industries, Inc.
OF COUNSEL:
KING & SPALDING
Michael R. Smith
191 Peachtree Street, N.E.
Atlanta, GA 30303-1763
May 3,200O
TABLE OF CONTENTS
SNIPPETS:
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14
.
ANSWER AND DEFENSES OF DEFENDANTS JOHN M. BELK AND EUGENIO CLARIOND REYES
|
EXTRACTED KEY WORDS
PARAGRAPH DEFENDANTS DENY PROXY STATEMENT ADMIT DEFENDANTS STATE SPECIAL COMMITTEE PLAINTIFF TRANSACTION MATERIALS BUYOUT TRANSACTION TEXAS INDUSTRIES SECOND SENTENCE SPEAKS FIRST SENTENCE EXTENT INCONSISTENT WRITTEN MATERIALS ROBINSON-HUMPHREY COMPLAINT PURPORTED CLASS MEMBERS DISCLOSURE BELK STOCK DIRECTORS SCHEDULE CLARIOND REYES STOCKHOLDER SHAREHOLDERS MEETING EXHIBITS |
.*-- _-
.
IN THE COURT CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA S. CLEMENTS, >>
Plaintiff, 1>
v. >
ROBERT D. ROGERS, GORDON E. >
FORWARD, ROBERT ALPERT, ) C . A . N o . 15711-NC
GERALD R. HEFFERNAN, JOHN M. >
BELK, EUGENIO CLARIOND REYES,
> -
CHAPARRAL STEEL COMPANY and >
TEXAS INDUSTRIES, INC., >>
Defendants. >
ANSWER AND DEFENSES
OF DEFENDANTS JOHN M. BELK AND EUGENIO CLARIOND REYES
Defendants John M. Belk and Eugenio Clariond Reyes (collectively, "Defendants")
answer the Amended and Supplemental Class Action Complaint (the "Complaint") as follows:
FIRST DEFENSE
The Complaint fails to state a claim upon which relief can be granted.
SECOND DEFENSE
This action is not properly maintainable as a class action because the prerequisites of
Rule 23 of the Rules of this Court are not satisfied.
THIRD DEFENSE
The claims of Plaintiff and all purported class members are barred because Defendants
made full disclosure of all material facts in connection with the "Buyout Transaction" as defined
by Plaintiff.
-l-
SNIPPETS:
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15
.
ANSWER OF CHAPARAL STEEL ROGERS FORWARD ALPERT HEFFERNAN AND TEXAS INDUSTRIES TO AMENDED AND SUPPLEMENTAL CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
ALLEGATIONS DEFENDANTS ADMIT DEFENDANTS DENY PROXY STATEMENT SPECIAL COMMITTEE TEXAS INDUSTRIES BUYOUT TRANSACTION MATERIALS ROBINSON-HUMPHREY EXTENT INCONSISTENT COURT ROBERT COMPLAINT PLAINTIFF MEETING WRITTEN MATERIALS RESPECTFULLY REFER CHAPARRAL STEEL COMPANY PARAGRAPH SHAREHOLDERS DIRECTORS SUBPARAGRAPH ROGERS ROBERT ALPERT STOCK SPEAKS PURPORTS SHARES SCHEDULE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TERESA S. CLEMENT& >>
Plaintiff, >>
V. >
> Civil Action No. 15711 -
ROBERT D. ROGERS, GORDON E. >
FORWARD, ROBERT ALPERT, GERALD > x.
R. HEFFERNAN, CHAPARRAL STEEL >
COMPANY, JOHN M. BELK, EUGENIO >
CLARIOND REYES, and TEXAS > . .
-. i' 3
INDUSTRIES, INC., > !L
1
Defendants. )
ANSWER OF DEFENDANTS CHAPARRAL STEEL COMPANY,
ROBERT D. ROGERS, GORDON E. FORWARD, ROBERT ALPERT,
GERALD R. HEFFERNAN AND TEXAS INDUSTRIES, INC. T0
PLAINTIFF'S AMENDED AND SUPPLEMENTAL CLASS ACTION COMPLAINT
Defendants Chaparral Steel Company ("Chaparral"), Robert D. Rogers, Gordon
E. Forward, Robert Alpert, Gerald R. Heffeman and Texas Industries, Inc. ("Texas Industries"
and collectively, "Defendants") answer respective paragraphs of the Amended and Supplemental
Class Action Complaint ("Amended Complaint") of plaintiff Teresa S. Clements as follows:
1. Defendants admit that as a result of the so-called Buyout Transaction
Texas Industries acquired the remaining approximately 15.6% stock ownership of Chaparral for
the consideration of $15.50 per share. Defendants deny the remaining allegations.
2. Defendants are without knowledge or infomlation sufficient to form a
belief as to the truth of the allegations.
3. Defendants admit the allegations.
4. Defendants admit the allegations.
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