What is the test for determining whether directors of a private equity company acted in bad faith in approving a transaction that they knew was not fair to common shareholders?
California, United States of America
The following excerpt is from Alexandros v. Cole, Consol. with G044362, G043715, Super. Ct. No. 06CC07881 (Cal. App. 2011):
"knowingly acted in bad faith in approving a transaction that they knew was not fair to the common shareholders . . . ." Such resolutions of fact were for the trial court and we will not reweigh the evidence. (Cuiellette v. City of Los Angeles, supra, 194 Cal.App.4th at p. 765.)
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