PARFI HOLDING AB v. MIRROR IMAGE INTERNET

Civ. A. No. 18507.

794 A.2d 1211 (2001)

PARFI HOLDING AB, Gunnar Gillberg, Plenteous Corp. and Grandsen, Ltd., Plaintiffs, v. MIRROR IMAGE INTERNET, INC., Xcelera.Com, Inc., Alexander M. Vik, Gustav Vik and Hans Magnus Fajerson, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: December 20, 2001.


Attorney(s) appearing for the Case

Melanie K. Sharp, of Young, Conaway, Stargatt & Taylor, Wilmington, Delaware; M. Frederick Pritzker and James W. Stoll, of Brown, Rudnick, Freed & Gesmer, Boston, Massachusetts, of counsel, for Plaintiffs.

Alan J. Stone and William M. Lafferty, of Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware; Sarah Chapin Columbia and John R. Baraniak, Jr., of Choate, Hall & Stewart, Boston, Massachusetts, of counsel, for Defendant Mirror Image Internet, Inc.

Jesse A. Finkelstein and Thad J. Bracegirdle, of Richards, Layton & Finger; Peter J. Macdonald and Robin L. Alperstein, of Hale and Dorr, New York City, of counsel, for Defendants Xcelera Inc., Alexander M. Vik and Hans Magnus Fajerson.


OPINION

STRINE, Vice Chancellor.

Plaintiffs, minority shareholders of defendant Mirror Image Internet, Inc. ("Mirror Image"), have brought an action challenging a series of transactions (the "Challenged Transactions") involving defendants Mirror Image, its majority shareholder, Xcelera.com, Inc. ("Xcelera"), and three individuals who serve on the board of directors of both Xcelera and Mirror Image (the "Director Defendants"). In addition to asserting a litany...

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