Mark Felger, co-chair of Cozen O’Connor’s Bankruptcy, Insolvency & Restructuring Practice Group, and Barry Klayman, a member of the firm’s Bankruptcy, Insolvency & Restructuring Practice Group, discuss a case of first impression from the Court of Chancery in The Delaware Business Court Insider. In Agar v. Judy, Vice Chancellor J. Travis Laster held that directors of a corporation, plaintiffs in a defamation action, were public figures for the limited purpose of election-related communications among the company’s investors. The case arose after a “fight letter” was distributed by the opponents of the incumbent company directors in connection with an election of directors. Mark and Barry explain that, “By conferring public figure status on participants in contested corporate elections, Laster created space for vigorous and hearty comment and debate regarding matters of concern to stakeholders in the corporation.”
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