Search for: "Wachovia Bank of Delaware, N.A."
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13 Nov, 2008 12:37 pm
... preferred stock representing approximately 39.9% of Wachovias voting power was a draconian and unlawful deal protection that rendered
the shareholder vote on the merger essentially meaningless. This is a fact pattern that the Delaware courts have dealt with quite ... protection provisions prevented the
directors from performing their statutory duties. First Union Corp. v. SunTrust Bank (N.C. Super. 2001). In ruling on the plaintiffs
motions for expedited discovery and expedited resolution of ...
18 Nov, 2008 2:04 am
... Board hadn't voted to approve the Merger, "it was likely . . . that Wachovia would not be able to fund normal banking activities and
thus would again face the very ... Share Exchange Agreement which gave 39.9% voting control over Wachovia to Wells Fargo, the Young Affidavit
says that Wells Fargo had initially demanded ... had engaged in this sharp negotiation with Wells Fargo). Wachovia relied on a Delaware
Chancery opinion from 1999, In re IXC Communications, Inc. Shareholders Litig., 1999 WL 1009174 ...
4 Oct, 2008 1:32 pm
... from competition from topping bids by competitor suitors. The current standard of deal protection measures date roughly from 1998, when the Delaware corporate code was
amended to permit merger agreements to include a term obligating a The last word on the subject from the ... Research) and Citigroup (C.N: Quote, Profile, Research) over which of
the banks will buy Wachovia's (WB.N: Quote, Profile, Research) assets, people familiar with the matter said on Sunday. The Fed is
pushing the two banks to ...
16 Dec, 2008 2:00 pm
... . Apparently that portfolio includes derivative litigation in Delaware Chancery Court, where plaintiffs have alleged that Citigroup officers and directors breached their
fiduciary duties by failing to monitor and control the bank's exposure to the subprime market. In ... ? As the Deal pointed out, Wachtell may
have conflicted itself out when it represented Wells Fargo in its deal for Wachovia. Just days before Wells made its offer, Citigroup had
signed an agreement to negotiate a deal with Wachovia. ...
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