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Quadrant Structured Products Co., Ltd. v. Vertin, et al., C.A. No. 6990-VCL (Del. Ch. 2012)

Seitz Ross represented EBF & Associates, LP, one of multiple defendants in a suit brought individually and derivatively in the Court of Chancery by a purported noteholder of Athilon Capital Corp., which included claims for breach of fiduciary duty, fraudulent conveyance, and tortious interference with contractual relations.  EBF and the other defendants filed motions to dismiss the complaint on several grounds, including  no-action clauses contained in the relevant indentures.  After briefing, the Court of Chancery granted defendants' motions and dismissed the complaint in light of plaintiff's failure to comply with the no-action clauses.  The case is currently on appeal to the Delaware Supreme Court.