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Credit Lyonnais Bank Nederland, N.V. v. Pathe Communications Corporation
Delaware Chancery Court
1991 WL 277613 (1991)
Credit Lyonnais Bank Nederland, N.V. (CLBN) (plaintiff) made loans to both Pathe Communications Corporation (Pathe) (defendant) and MGM-Pathe Communications Co. (MGM) as part of a leveraged buyout of MGM by Pathe. MGM encountered financial difficulties and struggled to stay solvent. Pathe defaulted on a loan from CLBN secured by a controlling block of stock in MGM. CLBN brought suit against Pathe and three Pathe directors (defendants) in the Delaware Chancery Court, alleging in part that the Pathe directors had made insufficient financial disclosures.
Rule of Law
Holding and Reasoning (Allen, J.)
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