In this article, we discuss the genesis of the step-transaction doctrine and its first appearance in Delaware. Then we examine the Coughlan opinion and what it may mean for practitioners.

In Gerber v. Enterprise Products Holdings, LLC, C.A. No. 5989-VCN (Del. Ch. Jan. 6, 2012), the Court of Chancery enforced the contractual modification of fiduciary duties in Enterprise GP Holdings, L.P.'s partnership agreement and, on a motion to dismiss, dismissed all claims against the defendants arising out of the sale of a subsidiary by Enterprise GP Holdings to an affiliate and the subsequent merger of Enterprise GP Holdings into the same affiliate.

In the past few years the FHA has revised its loan underwriting requirements for condominium projects. Under recently updated FHA rules, entire condominium projects must receive FHA certification before buyers and owners will qualify for FHA loans.

On Thursday, December 8, the District Court released a new Default Standard for Discovery, Including Discovery of Electronically Stored Information, which each of the District Judges is expected to use.

In its Nov. 9 decision in In re Krafft-Murphy Company, the Delaware Court of Chancery addressed several important issues that a board of directors and its legal advisers should consider in connection with the dissolution of a corporation.

The Delaware Court of Chancery’s post-trial opinion in In re Southern Peru Copper Corporation is perhaps most notable for the staggering damages award—$1.263 billion—against the controlling stockholder defendants for breach of the duty of loyalty in a transaction subject to entire fairness review.

In Lemington, the Third Circuit considered an appeal from the decision of the U.S. District Court for the Western District of Pennsylvania to enter summary judgment in favor of the directors and officers of a Pennsylvania nonprofit corporation on claims for breach of fiduciary duty and deepening insolvency.

On August 3, 2011, Governor Jack Markell signed into law Senate Bill 154, as amended, which completely rewrites the section of the Delaware Code addressing the licensing of real estate brokers and salespersons.

In Am. Home Mortg., the Third Circuit addressed an issue of apparent first impression: whether the term “commercially reasonable determinants of value” under section 562(b) is limited to market or sale value.