In re: John Q. Hammons Hotels

VERDICT

Trial
06/08/10 – 06/11/10

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

CVN previously covered a 5-day trial in the Chancery Court

In this Hospitality industry mergers and acquisitions litigation en banc argument hearing, plaintiffs John Q Hammond Hotels Shareholders alleged the controlling shareholder of John Q. Hammons Hotel of breaching his fiduciary duty by negotiating benefits for himself that the minority stockholders did not receive, in the merger of the company, pursuant to which the shareholders had received $24 per share. The plaintiffs also alleged that the directors of the company breached their fiduciary duties by permitting a deficient process.

The plaintiffs were represented by attorneys Ethan Wohl and Richard Bernstein. The defendant in this case, John Q. Hammons Hotels was represented by attorneys David Teklits and Alan Stone.

Outcome

The court was in favor of the defendants.It found that the fair value of JQH at the time of the Merger was $24 per share. Also, Hammons had not breached any fiduciary duty and that the third party acquirers were not liable for aiding and abetting a breach in fiduciary duty.

Sessions

Recording Disclaimer: This proceeding was recorded in full.

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