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1
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LETTER TO V.C. JACOBS
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EXTRACTED KEY WORDS
DRUMMOND GIBRALT SMITH JACOBS SUPREME COURT HONORABLE JACK CHANCELLOR MOTION REQUEST DERIVATIVE SUIT INSPECTION LAW DISCRETION STANDARD DELAY SECURITY FIRST PLAINTIFF BOOKS CONTROLLING ROUTINE DENY ASSETS APPARENT TRANSFERRING AFFILIATES POTENTIAL HARM PARTIES DECLINE STOCK |
ASHBY & G E D D E S
ATTORNEYS AND CO"NSELLORS AT LAW
ONE RODNEY SQUARE
P. 0. BOX 1150
W I L M I N G T O N . D E L A W A R E 19899
July 27, 1999
B-y Hand
The Honorable Jack B. Jacobs
Court of Chancery
Daniel L. Herrmann Courthouse
102.0 North King Street
Wilmington, DE 1980 1
Re: CJibralt v. Drummond. C.A. No. 1695%-Defend.ant's Motion for a Stay.
Dear Vice Chancellor Jacobs:
This letter responds to Drummond Financial's request for extraordinary relief - a
stay pending appeal of the Court's Order permitting the plaintiff to review certain of
Drummond's books and records. The request for the stay comes after a six-month
process in this Court, and a multi-year effort by Gibralt to obtain this information from
Drummond. The result of the stay would be to deny Gibralt access to the information for
many more months at a time when Drummond is in financial straits and its assets
apparently are being transferred to affiliates of its controlling persons. Accordingly, we
believe that the motion would likely work an unnecessary hardship on Gibralt and would
serve no legitimate concerns of Drummond.
Stays pending appeal are governed by Rules 32 of the Supreme Court and 62 of
this Court. They are an extraordinary remedy and - with the exception of stays of
monetary judgments, which must be accompanied by supersedeas bonds - are not
routinely granted. We respectfully submit that Drummond has failed to show any
likelihood of success on its appeal while the potential harm to Gibralt from the grant of a
stay could be great.
The Honorable Jack B. Jacobs
July 27, 1999
Paj;e 2
SNIPPETS:
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2
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MOTION FOR STAY PENDING APPEAL
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EXTRACTED KEY WORDS
DRUMMOND GIBRALT BOOKS REVISED ORDER RULING TRANSACTIONS EVIDENCE MOTION INSPECTION PLAINTIFF DELAWARE SUPREME COURT DEFENDANT CHANCERY COMPLAINT REQUIRING CREDIBLLE BONDS GIBRALT HOLDINGS REQUESTS FURNISH DIRECTORS PARTIES WRONGDOING REPURCHASE SHAREHOLDERS CONTENTION LOANS DISCOVERY |
THE COURT OF CHANCERY OF THE STATE OF IDELAWARE
IN AND FOR NEW CASTLE COUNTY
GIBRALT HOLDINGS LTD.,
Plaintiff,
C. A. No. 16958NC
V.
DRUMMOND FINANCIAL
CORPORATION, a Delaware corporation,
Defendant.
NOTICE OF MOTION
TO: Stephen E. Jenkins, Esquire
Ashby & Geddes
One Rodney Square
920 North King Street, Suite 302
Wilmington, DE 1980 1
PLEASE TAKE NOTICE that the within Motion for Stay Pending Appeal will
be presented at the earliest convenience of the Court
Dated: July 23, 1999 SMITH, KATZENSTEIN & FURLOW LLP
OF COUNSEL:
800 Delaware Avenue
LATHAM & WATKINS P.O. Box 410
James V. Kearney Wilmington, 1DE 19899
Patricia L. Ball (302)652-8400
Third Avenue, Suite 1000 Attorneys for Defendant
New York, NY 10022 Drummond Financial Corporation
(212)906-1200
THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
GIBRALT HOLDINGS LTD.,
SNIPPETS:
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