On October 4, 2010, the Delaware Supreme Court issued an opinion affirming the Court of Chancery’s decision in Selectica, Inc. v. Versata, Inc.
Delaware Bankruptcy Court holds that the “common interest doctrine” protects privileged communications that the Debtor shared with pre-petition Ad Hoc Committee.
Although its prevalence has been in decline in recent years, the traditional stockholder rights plan (the so-called “poison pill”) remains one of the most effective anti-takeover devices in a board of directors’ arsenal.
On June 11, 2010, Governor Markell signed into law House Bill 349, which requires non-resident sellers of Delaware real estate to report and remit an estimated state income tax on capital gains recognized from the sale of that real estate.
On July 27, 2010, Governor Markell signed into law House Bill 371, which corrected a long standing problem for lenders making commercial loans in Delaware.
On August 16, 2010, Leonard P. Stark was sworn in as a U.S. District Court Judge for the District of Delaware.
In Yucaipa v. Riggio, the Delaware Court of Chancery confirmed in a post-trial decision that a board's decision to adopt and maintain a stockholder rights plan triggered upon the acquisition of beneficial ownership of more than 20% of the company's shares is subject to Unocal review, even where the board "grandfathers" an existing significant stockholder from the operation of the plan.
Delaware Real Estate law information pertaining to changes for leasehold mortgages, private transfer fees, and homeowners' association authority to regulate demolition.
On July 23, 2010, Governor Markell signed into law a bill that clarifies a long-standing ambiguity in Delaware law regarding leasehold mortgages.
On July 27, 2010, Governor Markell signed into law Senate Bill 322 prohibiting the charging of so-called private transfer fees on the transfer of real property.