Opinion
No. 583 2013.
2013-12-20
Eldon KLAASSEN, Plaintiff and Counterclaim–Defendant Below, Appellant, v. ALLEGRO DEVELOPMENT, CORPORATION, Raymond Hood, George Patrich Simpkins, Jr. Michael Pehl, and Robert Forlenza, Defendants and Counterclaimants Below, Appellees.
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. A special mandate shall issue today reserving jurisdiction in this Court solely for the purpose of issuing the Opinion.