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S., reopening its closed A&P supermarket in Passaic, New Jersey as its first Food Basics in the US.
A&P was pleased with the results and within several months of opening the Passaic store, A&P decided to expand the Food Basics banner into nearby Paterson, and renovated an A&P store there.
Food Basics was a no-frills discount supermarket chain owned and operated by The Great Atlantic & Pacific Tea Company in the northeastern United States.
Food Basics carried major national brands, as well as A&P's portfolio of private labels, The Food Basics concept began in 1995, in Canada, where it was launched by A&P's Canadian subsidiary.
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In the absence of a majority shareholder, the directors “may not abdicate that duty by leaving to the shareholders alone the decision to approve or disapprove the agreement.” Additionally, the Court granted the Motion to Dismiss as to the duty of care claims against the D&O defendants, as the Complaint is too short on facts regarding the conduct of the officers in pursuing the sale transaction to survive the motion to dismiss with regards to these counts.This post is based on a memorandum issued by John F. This post is part of the Delaware law series, which is cosponsored by the Forum and Corporation Service Company; links to other posts in the series are available here.The United States Bankruptcy Court for the District of Delaware recently issued a memorandum opinion in which it refused to dismiss breach of fiduciary duty claims against corporate directors who approved the sale of a financially distressed company’s assets on the eve of bankruptcy. The Court’s opinion sheds light on directors’ duties, and what they can and should do to protect themselves from liability, in such situations.The court also held that an exculpatory clause in the corporation's charter was not a sufficient basis for dismissal of separate fiduciary duty of care claims in light of the breach of loyalty claims.Please do not hesitate to use the contact information included in the Memorandum if you have any questions.