Opinion ID: 2279777
Heading Depth: 1
Heading Rank: 2

Heading: Voting Rights Assignability at Issue

Text: The defendants acknowledge that Assignee Holders who acquired their interests in the Public Offering also acquired the right to direct the Initial Limited Partner on how to vote. As a corollary to that acknowledgment, the defendants also agree that Public Offering Assignee Holders would have standing to bring the present proceeding. Because the plaintiffs did not acquire their interest in the Public Offering, however, their standing to bring this proceeding is dependent upon whether the right to direct the vote of Initial Limited Partners is assignable to them by the Public Offering Assignee Holders. Accordingly, the primary issue in this appeal is the scope of a subsequent assignment by Public Offering Assignee Holders to the plaintiffs. The parties' positions on that issue are dramatically opposed. In support of their respective arguments, the parties rely upon several provisions in the Partnership Agreement and Assignment Agreement that have not been set forth in this opinion. For present purposes, it is sufficient to note that the defendants' motion to dismiss required the Court of Chancery to construe and reconcile several provisions in both of those interdependent documents.