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BENIHANA OF TOKYO, INC. v. BENIHANA, INC.

Civil Action No. 550-N.

891 A.2d 150 (2005)

BENIHANA OF TOKYO, INC., individually and on behalf of Benihana, Inc., Plaintiff, v. BENIHANA, INC., John E. Abdo, Norman Becker, Darwin Dornbush, Max Pine, Yoshihiro Sano, Joel Schwartz, Robert B. Sturges, Takanori Yoshimoto, and BFC Financial Corporation, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: December 8, 2005.

Attorney(s) appearing for the Case

C. Barr Flinn, Esquire, Richard H. Morse, Esquire, Danielle Gibbs, Esquire, Kevin M. Baird, Esquire, Glenn C. Mandalas, Esquire, Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware, Attorneys for Plaintiff Benihana of Tokyo, Inc.

Gregory V. Varallo, Esquire, Lisa M. Zwally, Esquire, Richards Layton & Finger, P.A., Wilmington, Delaware; C. Thomas Tew, Esquire, Dennis Nowak, Esquire, Jeffrey Tew, Esquire, Tew Cardenas, LLP, Miami, Florida, Attorneys for Defendants Benihana, Inc., Norman Becker, Darwin Dornbush, Max Pine, Yoshihiro Sano, Joel Schwartz, Robert B. Sturges and Takanori Yoshimoto.

John G. Harris, Esquire, Reed Smith LLP, Wilmington, Delaware; Alan K. Cotler, Esquire, Reed Smith LLP, Philadelphia, Pennsylvania; Alan H. Fein, Esquire, Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., Miami, Florida, Attorneys for Defendants BFC Financial Corporation and John E. Abdo.

OPINION

PARSONS, Vice Chancellor.

Plaintiff, Benihana of Tokyo, Inc. ("BOT"), seeks rescission of an agreement between Defendants Benihana Inc. ("Benihana" or the "Company") and BFC Financial Corporation ("BFC") to issue $20 million of Benihana preferred stock to BFC (the "BFC Transaction" or "Transaction"). BOT's complaint asserts that: (1) the BFC Transaction violated 8 Del. C. § 151 and Benihana's...

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