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Chancery Urged To Throw Out $800M Morgans Hotel Deal Suit

Law360, Wilmington (September 12, 2017, 9:11 PM EDT) -- Former directors of Morgans Hotel Group Co. urged the Delaware Chancery Court on Monday to toss a shareholder suit challenging the company's now-completed $800 million merger with SBEEG Holdings LLC, slamming arguments that former director Ron Burkle and his Yucaipa Cos. controlled the company and had fiduciary duties to stockholders.

During a hearing in Wilmington, Andrew W. Stern of Sidley Austin LLP, attorney for the Morgans-side defendants, tried to punch holes in the suing shareholders' theory of the case that the merger was a lowballed deal...
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