CASPIAN SELECT CREDIT MASTER FUND LTD. v. GOHL

C.A. No. 10244-VCN.

CASPIAN SELECT CREDIT MASTER FUND LTD., a Cayman Islands exempted company, CASPIAN CAPITAL PARTNERS LP, a Delaware limited partnership, MARINER, LDC, a Cayman Islands limited duration company, and MARINER OPPORTUNITIES FUND LP, a Delaware limited partnership, on behalf of themselves, and derivatively by CASPIAN SELECT CREDIT MASTER FUND LTD. and MARINER, LDC, on behalf of KEY PLASTICS CORPORATION, Plaintiffs, v. TERRENCE GOHL, JONATHAN BALL, EUGENE I. DAVIS, DR. REINER BEUTEL, DONALD C. CAMPION, CHRISTOPHER E. KEENAN, WAYZATA INVESTMENT PARTNERS LLC, WAYZATA OPPORTUNITIES FUND II, L.P., WAYZATA OPPORTUNITIES FUND OFFSHORE II, L.P., and KEY PLASTICS CORPORATION, a Delaware corporation, Defendants, and KEY PLASTICS CORPORATION, a Delaware corporation, Nominal Defendant.

Court of Chancery of Delaware.

Decided: September 28, 2015.


Attorney(s) appearing for the Case

Jon E. Abramczyk Esquire , and Christopher P. Quinn Esquire , of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware and Anthony L. Paccione Esquire , and Bonnie Lynn Chmil Esquire , of Katten Muchin Rosenman LLP, New York, New York, Attorneys for Plaintiffs.

Richard M. Beck Esquire , and Sean M. Brennecke Esquire , of Klehr Harrison Harvey Branzburg LLP, Wilmington, Delaware, Attorneys for Defendants Terrence Gohl, Jonathan Ball, Eugene I. Davis, Dr. Reiner Beutel, Donald C. Campion, Christopher E. Keenan, and Key Plastics Corporation.

Gregory V. Varallo Esquire , and Christopher H. Lyons Esquire , of Richards, Layton & Finger, P.A., Wilmington, Delaware, Attorneys for Defendants Wayzata Investment Partners LLC, Wayzata Opportunities Fund II, L.P., and Wayzata Opportunities Fund Offshore II, L.P.


MEMORANDUM OPINION

Nominal Defendant Key Plastics Corporation ("Key Plastics" or the "Company") emerged from Chapter 11 bankruptcy with two groups of stockholders holding one class of stock. Defendants Wayzata Opportunities Fund II, L.P. ("Wayzata Opportunities") and Wayzata Opportunities Fund Offshore, II, L.P...

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