Poliak v. Keyser

CONCLUDED

Oral Argument
04/10/13 – 04/10/13

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

In this oral argument before the Delaware Supreme Court, the attorney representing Albert Poliak appealed the decision of the Court of Chancery, which held that Robert D. Keyser, Jr., and other plaintiffs could challenge the issuance of Ark Financial Services, Inc.'s Series B Preferred Stock and that the Series B Preferred Stock was invalid under the entire fairness standard of review. The Series B Preferred Stock was issued in December 2010, by Mr. Poliak to block a prior takeover attempt by Mr. Keyser. The plaintiffs brought the action in December 2011 to determine the members of the board of directors of Ark.

Outcome

The Court of Chancery's judgment was affirmed.

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