Delaware Court of Chancery
2000 Del. Ch. LEXIS 89 (May 24, 2009)
Sam Oolie and Morton Salkind (defendants) were directors of The Nostalgia Network, Inc. (TNN). Salkind and Oolie were also creditors of TNN. Oolie and Salkind were in favor of an acquisition proposal known as the USA deal. Cooke and other TNN shareholders (plaintiffs) claim that Oolie and Salkind were interested in the USA deal, because it safeguarded their position as creditors of TNN. The plaintiffs argue that other acquisition proposals were more valuable to TNN, but that Oolie and Salkind breached their fiduciary duty of loyalty by pursuing the deal that served their personal interests. TNN’s two other directors, who had no interest in the deal whatsoever, voted to pursue the USA deal as well. The plaintiffs sued in the Delaware Court of Chancery and were granted discovery on the issue of breach of duty. Oolie and Salkind moved for summary judgment.
Rule of Law
Holding and Reasoning (Chandler, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 221,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.