Tuesday, October 18, 2011
There are a couple of good rundowns of the In re Southern Peru/Grupo Mexico decision out there worth reading. This case has been working its way through the Delaware courts since 2004. That's a long time in coming, but not unusual for cases where parties are not seeking an injunction, but rather a damages remedy. The Sourthern Peru opinion is worth taking a look at because Chancellor Strine issued a $1.2 billion (billion, not million) judgment against the controlling shareholder. Richards Layton & Finger have posted a useful summary of the issues as well as the opinion here. Steven Davidoff at The Deal Professor has a very good summary of the issues at stake in the case as well. You can find it here.
Me? I'm still working my way through the 106 page opinion.