stating that stockholder lacked standing to file derivative suit challenging officer's severance agreement program as payments were contingent on change of control and change of control was not presently foreseeable
How later courts described this case
- stating that stockholder lacked standing to file derivative suit challenging officer's severance agreement program as payments were contingent on change of control and change of control was not presently foreseeable
- noting that a ripeness analysis includes a discretionary determination beyond the Article III standing considerations
- affirming dismissal on ripeness grounds as to claims that company leaders improperly created “golden parachutes,” which had yet to be used, involved “speculation] as to the future course of events”
- very real hardship may be caused by failure of court to consider the validity of golden parachutes at this time
Written by the judges who cited it.
The opinion
WELLFORD, Circuit Judge,
concurring.
Although it is difficult to discern any advantage to shareholders in the broad benefits bestowed on certain corporate officials under the severance agreements in dispute, I concur with Judge Gilmore that the case is not now ripe for adjudication.