Opinion ID: 6350020
Heading Depth: 2
Heading Rank: 1

Heading: Stream.

Text: Stream is a Delaware corporation that was founded in 2009 to develop and commercialize technology that enables viewers to watch three-dimensional content without 3D glasses.3 Stream hired engineers to develop Stream’s technology, which has been described as promising and revolutionary; however, eleven years after its founding, Stream remained a pre-revenue, development-stage company. The Rajan family controlled Stream primarily through an investment vehicle owned by Mathu Rajan, his brother Raja Rajan, and their parents. Together, they hold 19,000,000 Class B shares carrying ten votes per share, giving the Rajans a majority of the Class B common stock and a majority of Stream’s outstanding voting power.4 The Court of 2 The background facts pertinent to this appeal are drawn primarily from the December 8, 2020 Preliminary Injunction Opinion, Stream TV Networks, Inc. v. SeeCubic, Inc., 250 A.3d 1016 (Del. Ch. 2020) (the “P.I. Opinion”), the September 23, 2021 Order Granting In Part SeeCubic, Inc’s Motion for Summary Judgment, Stream TV Networks, Inc. v. SeeCubic, Inc., 2021 WL 4352732 (Del. Ch. Sept. 23, 2021) (the “SJ Order”), the November 10, 2021 Order Entering Partial Final Judgment Under Rule 54(b), Stream TV Networks, Inc. v. SeeCubic, Inc., 2021 WL 5240591 (Del. Ch. Nov. 10, 2021) (the “Partial Final Judgment Order”), and the December 8, 2021 Order Denying Stream’s Motion to Modify the Injunction, Stream TV Networks, Inc. v. SeeCubic, Inc., 2021 WL 5816820 (Del. Ch. Dec. 8, 2021), (the “Modification Opinion”). 3 Stream TV, 250 A.3d at 1022. 4 Id. At the board level, the Rajan brothers historically have controlled Stream. There were, however, three outside directors on the board at various times. From approximately 2015 until 2019, Leo Hindery served as an outside director, but he resigned in July 2019 over disputes with the Rajan brothers. From approximately 2018 until 2019, Mark Coleman served as a second 4 Chancery observed that “[d]uring its existence, Stream’s corporate governance practices have been virtually nonexistent.”5 Stream did not hold annual meetings of stockholders or keep regular minutes of Board meetings.