Hearings Begin In Del. In Suit Over Selectica NOL Pill

Law360, New York (April 29, 2009, 12:00 AM EDT) -- The Delaware Court of Chancery has begun hearings in what securities lawyers say could be a landmark case involving net operating loss pills.

Hearings started Monday in the case, which centers around allegations that Selectica Inc. adopted and put into action an NOL pill to dilute stock acquisitions by Versata Enterprises Inc. and one of its subsidiaries and a dispute over whether those actions were designed to protect a potentially valuable tax deduction or block Versata from taking a controlling stake in Selectica.

According to a...
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