Securities,
Corporate
Jan. 6, 2017
Private planes and director independence
The Delaware Supreme Court recently held that a director's co-ownership of a private airplane with the company's CEO and controlling stockholder raises a reasonable doubt as to the director's independence.
Marc Boiron
Associate
Rutan & Tucker LLP
Email: mboiron@rutan.com
Marc focuses his practice on transactional matters involving emerging and mid-market companies in the areas of California and Delaware corporate laws.
TRANSACTIONS WITH BOIRON
In Sandys v. Pincus, the Delaware Supreme Court reversed the Delaware Court of Chancery's dismissal of a derivative suit against Zynga Inc.'s directors and officers related to an offering of Zynga's stock. On Dec. 5, in a 4-1 decision, the Supreme Court held that a director's co-ownership of a private airplane with the company's CEO and controlling stockholder, or sharing of a venture capital network with othe...
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