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Expert Analysis

The Advantages Of Board Actions On A 'Clear Day'

Law360, New York ( December 2, 2014, 10:09 AM EST) -- In its landmark 1971 Chris-Craft decision, the Delaware Supreme Court observed that "inequitable action does not become permissible simply because it is legally possible." This quote aptly captures the two-stage inquiry that Delaware courts will apply when reviewing a challenged board action — first determining the legality of the action, and second appraising the equity, or fairness, of the act and its application under the specific circumstances....

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