In CDX Liquidating Trust v. Venrock Associates, No.10-1953
(7th Cir. March 29, 2011), Judge Richard Posner, a reknowned member of the
U.S. Court of Appeals for the 7th Circuit , writes a decision for that
Court which analyzes an applies the following aspects of Delaware corporate law
in a case which involved claims that directors, who were designees of lenders
and preferred shareholders, breached their fiduciary duties in connection with
the sale of the company and the terms of the debt which they structured for the
This opinion is more notable than it might otherwise be
because Judge Posner, in
addition to his judicial opinions, is perhaps the most prolific and widely
published federal jurist in the country, having written about 30
books on myriad law and non-law topics, and about 300 articles, as
well as co-authoring a blog
with a Nobel laureate in economics. Many of Judge Posner's writings, other than
his judicial opinions, involve the intersection of law and economics. One of
his recent works, here, addressed
the socio-economic and political aspects of the recent efforts in some
states to limit the power of public-employee unions. Thanks and a hat tip to
nationally respected Chicago lawyer Steve Jakubowski for
sending this opinion to me.
Read more Delaware business
litigation case summaries and commentary on Delaware
Corporate and Commercial Litigation Blog, a blog hosted by Francis G.X.
Pileggi, of Fox Rothschild LLP.
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