Thursday, July 1, 2010
The Delaware Supreme Court has set July 7 for arguments in Versata's appeal of Vice Chancellor Noble's ruling in Selectica v Versata. Briefs in the case are available via the Harvard Corporate Governance Blog. (Versata's brief and Selectica's answering brief). The issue at stake is the legality of a shareholder rights plan with a 4.99% trigger adopted to protect Selectica's NOLs. The Chancery Court held that board's adoption of the plan was consistent with their obligations under Unocal. Hopefully the argument will be carried on CVN so we can watch from the luxury home.