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Del. Justices Unsure $12M Deal Mootness Fee Is Off-Base
Law360 (February 10, 2021, 7:27 PM EST) A Delaware Supreme Court justice questioned calls Wednesday for the reversal of a supposedly unsupported, $12 million Chancery Court mootness fee to stockholder attorneys whose successful challenge to a Versum Materials Inc. merger poison pill begat a deal that was $1.2 billion higher.
During arguments on an appeal filed by Versum and its directors, Justice Karen L. Valihura told the company s counsel William Lafferty of Morris Nichols Arsht & Tunnell LLP that Vice Chancellor J. Travis Laster acknowledged concerns about both the size of the fee amounting to about $10,700 per hour for a mooted claim and the semiconductor.