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Delaware Court Decision Raises Bar For Expert Directors

O'Hara Neil | December 14, 2004

Delaware's Chancery Court set the corporate directors' grapevine abuzz in
May when it found several directors of a company called Emerging Communications personally
liable for approving a merger with the company's controlling stockholder at
an unfair price. The plight of Salvatore Muoio, an investment banker with
long experience in the telecommunications industry, has drawn particular
attention because the court said his "specialized financial expertise" put
him "in a unique position to know" that the merger price was unfair.

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