Chancery Halts Vote On Medley-Sierra Merger

Law360 (March 11, 2019, 11:08 PM EDT) -- Stockholders can't vote on a complex merger involving Medley Capital Corp. and Sierra Income Corp. until disclosures are amended to provide additional information to Medley Capital’s investors about conflicts of interest that tainted negotiations in the run-up to the proposal, a Delaware vice chancellor ruled Monday.

In an 87-page opinion following a trial last week, Vice Chancellor Kathaleen S. McCormick ruled that investment adviser firm FrontFour Capital Group LLC and its hedge fund proved that MCC’s board breached its fiduciary duty by entering into the proposed deal, but failed to show that the proposed buyer aided and abetted those breaches or...

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