Conflicted Directors

Summary

Covers law on director conflicts of interest

Statutes

Delaware GCL § 144

General

Marciano v Nakash (Del 1987)

Kerbs v California Eastern Airways (Del 1952)

Aronson v Lewis (Del 1984)

Cinerama v Technicolor (Del 1995)

Weinberger v UOP (Del 1983)

Fliegler v Lawrence (Del 1976)

Marciano v Nakash (Del 1987)

Cede v Technicolor (Del 1993)

modified in part on other grounds (Del 1994)

Cinerama v Technicolor (Del 1995)

Kahn v Lynch Communication Systems (Del 1994)

Sinclair Oil v Levien (Del 1971)

Burden of demonstrating compliance with section 144

Yiannatsis v Stephanis (Del 1995)

Kahn v Lynch Communication Systems (Del 1994)

Nature of a disqualifying interest

Pogostin v Rice (Del 1984)

Aronson v Lewis (Del 1984)

Haber v Bell (Del Ch 1983)

Shields v Shields (Del Ch 1985)

appeal refused (Del 1985)

Brandt v Hicks, Muse & Co. (In re Healthco International)
208 B.R. 288

Maldonado v Flynn (2^nd Circuit 1979)

Borden v Sinskey (3^rd Circuit 1976)

Cede v Technicolor (Del 1994)

Citron v Fairchild Camera & Instrument (Del 1989)

Camelot Industries v Vista Resources (S. D. NY 1982)

Harbor Finance Partners v Huizenga 751 A.2d 879

Cinerama v Technicolor (Del 1995)

Ratification

Abstention

Thorpe v CERBCO (Del 1996)

Effect of disinterested director approval

Kahn v Tremont (Del 1997)

Effect of shareholder approval

In re Santa Fe Pacific Shareholders Litigation (Del 1995)

Cinerama v Technicolor (Del 1995)

Lewis v Vogelstein (Del Ch 1997)

In re Wheelabrator Technologies Shareholders Litigation (Del Ch 1995)

Kahn v Lynch Communication Systems (Del 1994)

Kahn v Tremont (Del 1997)

Solomon v Armstrong 747 A.2d 1098 aff'd mem.
746 A.2d 277

In re Walt Disney Derivative Litigation

731 A.2d 342
aff'd in part, rev'd in part sub nom. Brehm v Eisner
746 A.2d 244

Stockholder approval void and voidable acts

Michelson v Duncan (Del 1979)

Schreiber v Carney (Del Ch 1982)

Kerbs v California Eastern Airways (Del 1952)

Kaplan v Goldsamt (Del Ch 1977)

Putterman v Daveler (Del Ch 1957)

Campbell v Loew's (Del Ch 1957)

Taussig v Wellington Fund (D. Del 1960)

affirmed Third Circuit (1963)
cert. denied 374 U.S. 806

Schreiber v Pennzoil (Del Ch 1980)

Beard v Elster (Del 1960)

Void acts

Solomon v Armstrong

747 A.2d 1098
aff'd mem. 746 A.2d 277

Voidale acts

Smith v Van Gorkom (Del 1985)

Kerbs v California Eastern Airways (Del 1952)

Healy v Geilfuss

146 A.2d 5
appeal dismissed 172 A.2d 574

Saxe v Brady (Del Ch 1962)

Pogostin v Rice (Del 1984)

Michelson v Duncan (Del 1979)

Gottlieb v Heyden Chemical (Del 1952)

Kaplan v Goldsamt (Del Ch 1977)

Olson Brothers v Englehart (Del Ch 1965)

Affirmed Del 1968

Fidanque v American Maracaibo (Del Ch 1952)

Elster v American Airlines (Del Ch 1953)

Bershad v Curtiss-Wright (Del 1987)

Rosenblatt v Getty Oil (Del 1985)

Schreiber v Pennzoil (Del Ch 1980)

David J. Greene & Co. v Dunhill Int'l (Del Ch 1968)

Solomon v Armstrong

747 A.2d 1098
aff'd mem. 746 A.2d 277

Schiff v RKO Pictures (Del Ch 1954)

Kaufman v Schoenberg (Del Ch 1952)

Ratification, how accomplished

Fliegler v Lawrence (Del 1976)

Lewis v Hat (Del Ch 1959)

Hall v John S. Issacs & Sons Farms (Del Ch 1958)

Abelow v Symonds Del Ch 1962

aff'd sub nom. Abelow v. Midstates Oil (Del 1963)

Bastian v Bourns (Del Ch 1969)

aff'd 278 A.2d 467 (Del 1970)

Smith v Van Gorkom (Del 1985)

In re Anderson, Clayton Shareholders' Litig (Del Ch 1986)

Yiannatsis v Stephanis (Del 1995)

Kerbs v California Eastern Airways (Del 1952)

Gerlach v Gillam (Del Ch 1958)

Lynch v Vickers Energy (Del 1978)

Schreiber v Pennzoil (Del Ch 1980)

Michelson v Duncan (Del 1979)

Rosenblatt v Getty Oil (Del 1985)

Lacos Land v Arden Group (Del Ch 1986)

Kaplan v Goldsamt (Del Ch 1977)

Fairness

Johnston v Greene (Del 1956)

Sterling v Mayflower Hotel (Del 1952)

Puma v Marriott (Del Ch 1971)

Warshaw v Calhoun (Del 1966)

Jedwab v MGM Grand Hotels (Del Ch 1986)

Lynch v Vickers Energy (Del 1978)

Lank v Steiner (Del 1966)

Marciano v Nakash (Del 1987)

Brophy v Cities Service (Del Ch 1949)

Interlocking directorates

Levien v Sinclair Oil Del Ch 1969

aff'd in part, rev'd in part (Del 1971)

Sterling v Mayflower Hotel (Del 1952)

Fidanque v American Maracaibo (Del Ch 1952)

Interested directors and quorum

Kaufman v Schoenberg (Del Ch 1952)

Application to nonstock corporations

Oberly v Kirby (Del 1991)

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