Eldon KLAASSEN, Plaintiff and Counterclaim-Defendant Below, Appellant,
ALLEGRO DEVELOPMENT, CORPORATION, Raymond Hood, George Patrich Simpkins, Jr. Michael Pehl, and Robert Forlenza, Defendants and Counterclaimants Below, Appellees.
Submitted: Dec. 18, 2013.
This decision has been designated as "Table of Decisions Without Published Opinions." in the Atlantic Reporter.
Court Below: Court of Chancery the State of Delaware, No. 8626.
Before HOLLAND, BERGER, JACOBS, and RIDGELY, Justices and JOHNSTON, Judge,[*] constituting the Court en Banc.
JACK B. JACOBS, Justice.
This 20th day of December, 2013, it appears to the Court that:
IT IS HEREBY ORDERED, and the Court unanimously concludes, that the Court of Chancery's judgment must be AFFIRMED. We hold that the Appellant's claim for relief was equitable in nature and, therefore, was subject to equitable defenses. We further hold that the evidence supports the Court of Chancery's finding that the Appellant acquiesced in the Allegro board's removal of the Appellant as CEO. An Opinion setting forth our reasoning will follow in due course. ...