Riverstone Brass Can't Dodge Suit Over $94M Merger

Law360, Wilmington (July 28, 2016, 10:01 PM EDT) -- Claims of unfair dealing by directors of Texas-based property management company Riverstone National who passed up a major investment opportunity and then "obliterated" some challenge rights by approving a $94 million merger just ahead of a lawsuit survived a dismissal bid in Delaware Chancery Court on Thursday.

Vice Chancellor Sam Glasscock III said two investors in Riverstone National Inc. made strong enough arguments to keep some claims alive despite director arguments that the merger deal with Greystar Real Estate Partners LLC was the best possible for the company.

Shareholders Michael C. Halpin and Michael Christian accused Riverstone's individual directors of failing...

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