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Tandycrafts, Inc. v. Initio Partners

562 A.2d 1162 (1989)

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Tandycrafts, Inc. v. Initio Partners

Supreme Court of Delaware

562 A.2d 1162 (1989)

Facts

Tandycrafts, Inc. (Tandycrafts) (defendant) wished to amend its charter and released a proxy statement describing the proposed change. Initio Partners (Initio) (plaintiff), a shareholder of Tandycrafts, objected to the proxy statement and brought suit, individually, in the Delaware Court of Chancery, seeking a temporary injunction. Tandycrafts amended its proxy statement to address the issues to which Initio objected. Initio then filed a motion to recoup its attorney’s fees. Tandycrafts objected to the motion, arguing that the proxy statement changes would have been made regardless of Initio’s efforts and also that Initio could not be awarded attorney’s fees, because it brought the suit individually, rather than derivatively. The trial court found in favor of Initio and awarded Initio attorney’s fees and expenses. Tandycrafts appealed.

Rule of Law

Issue

Holding and Reasoning (Walsh, J.)

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