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1
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DEFENDANT R. JACOBSONS OPENING BRIEF IN SUPPORT OF MOTION TO DISMISS
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EXTRACTED KEY WORDS
JURISDICTION PLAINTIFFS DELAWARE AMENDED COMPLAINT COURT DEL SORRENTO PERSONAL JURISDICTION ACT BASIS EXERCISE ALLEGATION FIRST AMENDED COMPLAINT MOTION LONG-ARM STOCK STATUTE DISMISS ALLEGES PURSUANT DEFENDANT PROPER SUPPORT INVESTMENT PROCEEDING PREFERRED STOCK PROVISION INSUFFICIENT VIOLATION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN WEINROTH & CO., L.P.,
SORRENTO HOLDINGS L.L.C., and
BELMARKEN HOLDING N.V., t ,
Plaintiffs, 1t
V. C.A. No. 1903%NC
SORRENTO NETWORKS, INC., ;
SORRENTO NETWORKS CORP.,
MERET COMMUNICATIONS, INC., i
XIN CHENG, JAMES DIXON,
TINGYE LI, PHILIP ARNESON, ;
PARVINDER CHADHA, ROHIT
PHANSALKAR, CHRISTOPHER SUE,
LEONARD HECHT, RICHARD
JACOBSON, RENN ZAPHIROPOULOS,
SG COWEN SECURITIES CORP. and
ROBERT SMOCK,
Defendants.
DEFENDANT RICHARD JACOBSON'S OPENING
BRIEF IN SUPPORT OF HIS MOTION TO DISMISS
PURSUANT TO RULES 12(b)(2), 12 (b)(4) and 12 (b)(5)
MORRIS, NICHOLS, ARSHT & TUNNELL
A. Gilchrist Sparks, III
Jon E. Abramczyk
James G. McMillan, III
1201 N. Market Street
P.O. Box 1347
Wilmington, DE 19899
Attorneys for Defendant
Sorrento Networks, Inc.
December 17,200l
i.
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2
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OPENING BRIEF IN SUPPORT OF SG COWEN SECURITIES AND R. SMOCKS MOTION TO DISMISS
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EXTRACTED KEY WORDS
DELAWARE SMOCK JURISDICTION DEFENDANT CONSPIRACY SORRENTO COURT BREACH DEL SUBSECTION ABETTING PERSONAL JURISDICTION AIDING INVESTORS SUPPORT ALLEGATIONS ROBERT SMOCK COMMUNICATIONS AMENDED COMPLAINT SORRENTO NETWORKS FIDUCIARY DUTY DISMISSING INTENTIONAL INTERFERENCE FINANCING AGREEMENT KNOWING PARTICIPATION PREFERRED STOCK COWEN SECURITIES TELCOM-SNI INVESTORS ARM STATUTE |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN WEINROTH & CO., L.P.,
SORRENTO HOLDINGS L.L.C., and
BELMARKEN HOLDING N.V.,
Plaintiffs,
: Civil Action No. 19038NC
V.
SORRENTO NETWORKS, INC., SORRENTO
NETWORKS CORP., MERET COMMUNICA-
TIONS, INC., XIN CHENG, JAMES DIXON,
TINGYE LI, PHILIP ARNESON, PARVINDER
CHADHA, ROHIT PHANSALKAR,
CHRISTOPHER SUE, LEONARD HECHT,
RICHARD JACOBSON, RENN ZAPHIROPOULOS, I
SG COWEN SECURITIES CORP. and
ROBERT SMOCK,
Defendants.
OPENING BRIEF IN SUPPORT OF
SG COWEN SECURITIES CORP.
AND ROBERT SMOCK'S MOTION TO DISMISS
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
One Rodney Square
P.O. Box 636
Wilmington, Delaware 19899-0636
(302) 651-3000
Attorneys for Defendants SG Cowen
Securities Corp. and Robert Smock
DATED: December 17,200l
TABLE OF CONTENTS
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3
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. SORRENTO NETWORKS ANSWER TO FIRST AMENDED COMPLAINT
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EXTRACTED KEY WORDS
PARAGRAPH DEFENDANTS PLAINTIFFS COURT FIRST SENTENCE ALLEGATIONS INVESTORS ANSWERING DEFENDANTS DEFENDANTS INCORPORATE SECOND SENTENCE RESPONSES RIGHTS AGREEMENT SECURITIES ANSWERING DEFENDANTS LACK INFORMATION SUFFICIENT TRUTH RESPONSIVE PLEADING XIN CHENG AMENDED COMPLAINT TERMS THEREOF PREFERRED STOCK SORRENTO NETWORKS JAMES DIXON ROHIT PHANSALKAR CERTIFICATE COMMUNICATIONS PHILLIP ARNESON REDEMPTION ACCURATE PARTIAL QUOTATION |
ORIGINAL
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN, WEINROTH & CO., L.P.,
SORRENTO HOLDINGS, L.L.C., and
BELMARKEN HOLDING N.V.,
Plaintiffs,
v.
SORRENTO NETWORKS, INC.,
SORRENTO NETWORKS CORP., Civil Action No. 19038-NC
MERET COMMUNICATIONS, INC., XIN
CHENG, JAMES DIXON, TINGYE LI,
PHILLIP ARNESON, PARVINDER
CHADHA, ROHIT PHANSALKAR,
CHRISTOPHER SUE, LEONARD
HECHT, RICHARD JACOBSON, RENN
ZAPHIROPOULOS, SG COWEN
SECURITIES CORP., and ROBERT
SMOCK,
Defendants.
ANSWER TO FIRST AMENDED COMPLAINT
Defendants Xin Cheng, James Dixon and Tingye Li (collectively, the "Answering
Defendants"), by and through Richards, Layton &Finger, P.A., their undersigned attorneys, respond
to plaintiffs' First Amended Complaint (the "Complaint"), as follows:
1. Denied, except it is admitted that plaintiffs characterize their complaint as
in paragraph 1.
2. Denied, except it is admitted that plaintiffs seek appointment of a receiver.
3. Answering Defendants lack information sufficient to form a belief as to the
RLFI-2381419.4
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4
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ANSWER TO FIRST AMENDED COMPLAINT
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EXTRACTED KEY WORDS
DEFENDANT COMPLAINT SORRENTO NETWORKS PLAINTIFFS INVESTORS PARAGRAPH ALLEGATIONS DEFENDANT DENIES ADMITS INVESTMENT INCORPORATES COURT RESPONSES RESPECTFULLY REFERS PURCHASE PREFERRED STOCK RIGHTS AGREEMENT SORRENTO HOLDINGS XIN CHENG CERTIFICATE RESPONSIVE PLEADING TELCOM-SNI INVESTORS JAMES DIXON IPO DEFENDANT REPEATS FULLY SET FIRST SENTENCE AMENDED COMPLAINT STATES DIRECTORS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ,,
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN WEINROTH & CO., L.P., i
SORRENTO HOLDINGS L.L.C., and
BELMARKEN HOLDING N.V., i
Plaintiffs, i
v. ; C.A. No. 19038-NC
SORRENTO NETWORKS, INC., i
SORRENTO NETWORKS CORP.,
MERET COMMUNICATIONS, INC., i
XIN CHENG, JAMES DIXON,
TINGYE LI, PHILIP ARNESON, ;
PARVINDER CHADHA, ROHIT
PHANSALKAR, CHRISTOPHER SUE, i
LEONARD HECHT, RICHARD )
JACOBSON, RENN ZAPHIROPOULOS,
SG COWEN SECURITIES CORP. and ;
ROBERT SMOCK,
;
Defendants. 1
ANSWER TO FIRST AMENDED COMPLAINT
Defendant Sorrento Networks, Inc. ("Sorrento" or "Defendant"), by its
undersigned attorneys, hereby responds to plaintiffs' First Amended Complaint (the "Amended
Complaint"):
This case was brought by a group of venture capitalists who were allowed to
purchase a pre-IPO equity interest in Sorrento in exchange for promised assistance in helping
Sorrento gamer new customers and business. The investors no doubt expected to obtain the
dramatic short-term profits that many investors had captured with investments in similar high
technology IPO's in the late winter and early spring of 2000. When circumstances changed in
the late summer of 2000, however, Sorrento could not complete an IPO. The disappointed
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5
.
LETTER OPINION
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EXTRACTED KEY WORDS
INTERLOCUTORY CONSIDERATIONS SORRENTO NETWORKS DEFENDANTS CERTIFICATE PRELIMINARY INJUNCTION SUPREME COURT REVIEW SUPREME COURT RULE INTERLOCUTORY APPEALS PREFERRED STOCK PLAINTIFFS SUCCESS PROTECTION CORPORATE CHARTERS JUSTICE SERVE CONSIDERATIONS LITIGATION PURPOSES RESOLUTION MATTER REASONS PROBABILITY INCORPORATION LAW CONSTRUCTION ISSUANCE RCVICW FACTS |
OCT-09-2001 TUE 02:13 PM CHANCERY COURT CHAMBERS FAX NO. 3027396179
COURT OF CHANCERY
OF `THE
STATE OF DELAWARE
417 s.sbw
Dcwcn. DCLWMX
TFIEWONC
October 9, 2001 FACSIM .E (302)
VIA FACSIMILE AND
FIRST CLASS MAIL
Collins J. Seitz, Jr., Esquire Jon E. Abramczyk, Esquire
CONNOLLY BOVE LODGE MOKRIS, NICHOLS, ARSHT i. i
$ XIUTZ, LLP &TUNNELL :
1220 Market Street 1201 North Market Street 1.
P.O. Box 2207 P.O. Box 1347
Wilminglon, DE 19899-2207 Wilmington, DE 19899-1347 I' !.
(,`,. ..>
:;
.I
Re: Telcom-SNI Investors, L.L.C., et al. v, -.
Sorrento Networks, Inc., et al.
C.A. No. 19038-NC
Submitted: October 1, 2001
Dear Counsel:
Defendants, Sorrento Networks, Inc. ("Sorrento"), Xin Chcng and
Jim Dixon, have moved, pursuant to Supreme Court Rule 42, for
certification of an interlocutory appeal to the Supreme Court of that portion
of this Court's Order of September 7, 2001 (the "Order"), which
prcIiminarily enjoined Defendants Cram issuing additional shares of
Sorrenlo Class A Prcfcrred Stock without the prior approval of the holders
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6
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MEMORANDUM OPINION
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EXTRACTED KEY WORDS
SORRENTO PLAINTIFFS HOLDERS PROTECTIVE PROVISIONS COURT INVESTORS SHARES CERTIFICATE RIGHTS HOLDINGS SORRENTO NETWORKS ESQUIRE DELAWARE EQUITY SECURITY ISSUANCE DEFENDANTS OUTSTANDING SHARES RIGHTS AGREEMENT INTERPRETATION INVESTMENT INCORPORATION IRREPARABLE HARM MEMORANDUM OPINION PRELIMINARY INJUNCTION SORRENTO-CALIFORNIA REASONABLE PROBABILITY AFFIDAVIT TEMPORARY RESTRAINING ORDER CONSTRUCTION |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C., :
ANDERSEN, WEINROTH & CO., L-P., :
SORRENTO HOLDINGS, L.L.C., and :
BELMARKEN HOLDING N.V., :
Plaintiffs,
V. .. C.A. No. 19038-NC
SORRENTO NETWORKS, INC.,
XIN CHENG, JIM DIXON, and
JOHN DOES 1-5,
Defendants. :
MEMORANDUM OPINION
Submitted: August 29, 2001
Decided: September 7, 2001
Henry E. Gallagher, Jr., Esquire, Collins J. Seitz, Jr., Esquire and Samuel D.
Brickley, II, Esquire of Connolly Bove Lodge & Hutz, LLP, Wilmington,
Delaware and Mark C. Hansen, Esquire and David L. Schwarz, Esquire of
Kellogg, Huber , Hansen, Todd & Evans, P.L.L.C., Washington, D-C.,
Attorneys for Plaintiffs.
A. Gilchrist Sparks, III, Esquire, Jon E. Abramczyk, Esquire and James G.
McMillan, III, Esquire of Morris, Nichols, Arsht & Tunnell, Wilmington,
Delaware, Attorneys for Defendants.
NOBLE, Vice Chancellor
Plaintiffs, all holders of Series A Preferred Stock of Defendant Sorrento
Networks, Inc. ("Sorrento"), have invoked "protective provisions" in Sorrento's
Certificate of Incorporation in an effort to obtain a preliminary injunction
precluding Sorrento from incurring additional indebtedness and from issuing
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7
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PLAINTIFFS OPENING BRIEF IN SUPPORT OF MOTION FOR PARTIAL SUMMARY JUDGMENT AND FOR PRELIMINARY INJUNCTION
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EXTRACTED KEY WORDS
PLAINTIFFS OSICOM COURT DELAWARE SHARES INVESTORS DEL STOCK CHARTER PROTECTIVE PROVISIONS SUMMARY JUDGMENT PRELIMINARY INJUNCTION SHAREHOLDERS ANDERSEN DEP HOLDING CERTIFICATE INCORPORATION CORPORATE CHARTER OUTSTANDING RESOLUTION BELMARKEN HOLDING DEFENDANTS EQUITY SECURITY PARTIAL SUMMARY JUDGMENT IPO ANDERSEN WEINROTH PREFERENCES INVESTMENT TRANSACTIONS |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
p/cd-
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN, WEINROTH & CO., L.P., i &!I2 y/i@/
SORRENTO HOLDINGS, L.L.C., and ) 7 a.. X& &d' /~,r&da /
PLAINTIFFS' OPENING BRIEF IN SUPPORT OF
THEIR MOTION FOR PARTIAL SUMMARY JUDGMENT
AND FOR A PRELIMINARY INJUNCTION
OF COUNSEL: Henry E. Gallagher, Jr. (#495)
Mark C. Hansen Collins J. Seitz, Jr. (#2237)
David L. Schwarz Connolly Bove Lodge & Hutz LLP
Kellogg, Huber, Hansen, 1220 Market Street
Todd & Evans, P.L.L.C. P.O. Box 2207
1615 M Street, N.W. Wilmington, DE 19899
Suite 400 (302) 6589141
Washington, D.C. 20036
(202) 326-7900 Attorneys for Plaintiffs, Telcom-SNI
Investors, L. L. C., Andersen, Weinroth &
Co., L. P., Sorrento Holdings, L. L. C., and
Dated: August 22,200l Belmarken Holding IV. V.
TABLE OF CONTENTS
TABLE OF AUTHORITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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8
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PLAINTIFFS REPLY BRIEF IN SUPPORT OF MOTION FOR PRELIMINARY INJUNCTION
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EXTRACTED KEY WORDS
DEL PLAINTIFFS STOCK COURT PREFERREDSHARES CHARTER DEFENDANTS DEBT ISSUANCE DELAWARE LAW SHARES CORPORATE CHARTER AUTHORIZE PRELIMINARY INJUNCTION RIGHTS CERTIFICATE SHAREHOLDERS DEBT COVENANT BLASIUS INDUS PROVISIONS VIOLATIONS INCORPORATION AMENDMENT ARMSTRONG DEP EQUITY SECURITY INVESTORS RIGHTS AGREEMENT HARDSHIPS IRREPARABLE HARM |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C., > Ff /Gd
ANDERSEN, WEINROTH & CO., L.P., ) c!zh/-/
SORRENTO HOLDINGS, L.L.C., and )
BELMARKEN HOLDING N.V., 6 .! /q?
;
Plaintiffs,
; Civil Action No. 19038NC
V.
; CONFIDENTIAL I FILED UNDER SEAL
SORRENTO NETWORKS, INC.,
XIN CHENG, JIM DIXON, and i
JOHN DOES l-5, >
Defendants.
PLAINTIFFS' REPLY BRIEF IN SUPPORT OF THEIR
MOTION FOR A PRELIMINARY INJUNCTION
OF COUNSEL: Henry E. Gallagher, Jr. (#495)
Collins J. Seitz, Jr. (#2237)
Mark C. Hansen Samuel D. Brickley, II (#3276)
David L. Schwarz Connolly Bove Lodge & Hutz LLP
Kellogg, Huber, Hansen, 1220 Market Street
Todd & Evans, P.L.L.C. P.O. Box 2207
1615 M Street, N.W. Wilmington, DE 19899
Suite 400 (302) 658-9141
Washington, D.C. 20036
(202) 326-7900 Attorneys for Plaintiffs, Telcom-SNI
Investors, L.L.C., Andersen, Weinroth &
Co., L.P., Sorrento Holdings, L.L.C., and
Dated: August 28, 2001 Belmarken Holding N. V.
TABLE OF CONTENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SNIPPETS:
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9
.
MEMORANDUM IN SUPPORT OF PLAINTIFFS MOTION FOR A TEMP. RESTRAINING ORDER
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EXTRACTED KEY WORDS
SORRENTO DEFENDANTS INVESTORS REQUEST PREFERRED STOCK COURT DELAWARE INVESTMENT PROTECTIVE PROVISIONS TEMPORARY RESTRAINING ORDER SHARES WEINROTH SORRENTO NETWORKS SHAREHOLDERS DEL CERTIFICATE INSPECTION REQUEST REDEMPTION OUTSTANDING INCORPORATION RIGHTS AGREEMENT HANSEN DAVID SORRENTO REFUSES AMENDMENT TELCOM-SNI INVESTORS JIM DIXON INTER-COMPANY DEBT DELAWARE LAW CORPORATE CHARTER |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN, WEINROTH & CO., L.P.,
SORRENTO HOLDINGS, L.L.C., and )
BELMARKEN HOLDING N.V., >
Plaintiffs,
> Civil Action No. /903 F----/J-
V.
SORRENTO NETWORKS, INC.,
XIN CHENG, JIM DIXON, and
JOHN DOES 1-5,
Defendants. ;
MEMORANDUM IN SUPPORT OF PLAINTIFFS'
MOTION FOR A TEMPORARY RESTRAINING ORDER
Henry E. Gallagher, Jr. (495)
Collins J. Seitz, Jr. (2237)
Connolly Bove Lodge & Hutz LLP
1220 Market Street
P.O. Box 2207
Wilmington, DE 19899
(302) 658-9141
Attorneys for Plaintiffs
Dated: August 6,200 1
OF COUNSEL:
Mark C. Hansen
David L. Schwarz
Kellogg, Huber, Hansen,
Todd & Evans, P.L.L.C.
1615 M Street, N.W.
Suite 400
Washington, D.C. 20036
(202) 326-7900
TABLIE OF CONTENTS
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10
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VERIFIED COMPLAINT FOR DECLARATORY AND INJUNCTIVE RELIEF
|
EXTRACTED KEY WORDS
PLAINTIFFS PREFERRED STOCK INVESTORS ANDERSEN WEINROTH SHARES OSICOM DEFENDANTS DELAWARE INJUNCTIVE RELIEF SORRENTO HOLDINGS PREFERRED SHAREHOLDERS DECLARATORY CERTIFICATE INCORPORATION MAJORITY SORRENTO NETWORKS TRANSACTION OUTSTANDING VIOLATIONS PROCEEDING INVESTMENT PUBLIC OFFERING CORPORATE CHARTER PROTECTIVE PROVISIONS PRIOR CONSENT TELCOM-SNI INVESTORS VERIFIED COMPLAINT EQUITY SECURITIES INDIVIDUALLV |
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN AND FOR NEW CASTLE COUNTY
TELCOM-SNI INVESTORS, L.L.C.,
ANDERSEN, WEINROTH & CO., L.P.,
SORRENTO HOLDINGS, L.L.C., and
BELMARKEN HOLDING N.V., ; Civil Action No. /?(I 3.W~~_
Plaintiffs, ; ,I . _
)
V. < 3
;
SORRENTO NETWORKS, INC.,
XIN CHENG, JIM DIXON, and
JOHN DOES l-5,
Defendants.
VERIFIED COMPLAINT FOR DECLARATORY AND INJUNCTIVE RELIEF
Plaintiffs Telcom-SNI Investors, LLC ("Telcom"), Andersen, Weinroth & Co., L.P.
("Andersen Weinroth"), Sorrento Holdings, L.L.C. ("Sorrento Holdings" and, together with
Andersen Weinroth, the "Andersen Weinroth Investors," and Belmarken Holding N.V., by and
through counsel, upon knowledge to themselves and upon information and belief as to all other
matters, allege for their Verified Complaint as follows:
&r&we of the Action
1. This is a proceeding for declaratory and injunctive relief brought pursuant to 8 Del. C.
$ 111, 10 Del. C. $6501 et seq., and Rule 57 of the Court of Chancery Rules, to preserve the
status quo in a corporate dispute between !Sorrento Networks, Inc. ("Sorrento") and the plaintiffs,
each of whom is a Series A Preferred Shareholder of Sorrento. Through conversations with
various former officers and directors of Sorrento and a review of public documents, it has
become apparent that the officers and directors of Sorrento, as well as other persons exercising
control over Sorrento, have improperly wasted the company's assets, committed fraud, or
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