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Is it good policy, or consistent with decades of Delaware jurisprudence, for plan terms to be interpreted in such a manner as to foreclose the exercise of director judgment in this regard? As in Tyson, the Ryan court excused the plaintiff from making demand, in part, because, in the court's view, backdating options qualifies as one of those " 'rare cases [in which] a transaction may be so egregious on its face that board approval cannot meet the test of business judgment, and a substantial likelihood of director liability therefore exists.' " The plaintiff's allegations were, according to the Ryan court, sufficient to raise a reason to doubt the disinterestedness of Maxim's board and to suggest that they were incapable of impartially considering demand.… continue reading »
Mel B has revealed she’s found love again with a secret boyfriend after her bitter divorce from Stephen Belafonte.… continue reading »