Morgan Zurn: Difference between revisions
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== Career == |
== Career == |
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Zurn received a [[Bachelor of Arts]] degree from the [[University of Virginia]] and received her [[Juris Doctor|J.D.]] from the [[University of Pennsylvania Law School]].<ref name="Court-Website-2023">{{Cite web|url=https://courts.delaware.gov/chancery/judges.aspx|title=Judicial Officers - Court of Chancery - Delaware Courts - State of Delaware|website=courts.delaware.gov|access-date=July 23, 2023}}</ref> She began her career as a [[patent]] lawyer. She then served as a Deputy Attorney General at the Delaware Department of Justice.<ref>{{Cite web|url=https://www.law.com/delawarelawweekly/2018/09/21/del-gov-names-2-women-named-for-new-chancery-seats-as-business-court-expands/|title=Del. Gov. Names 2 Women for New Chancery Seats as Business Court Expands|last=McParl|first=Tom|date=September 21, 2018|website=Delaware Law Weekly|language=en|access-date=July 23, 2023}}</ref> |
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In September 2018, Governor [[John Carney (Delaware politician)|John Carney]] nominated [[Kathaleen McCormick]] |
In September 2018, Governor [[John Carney (Delaware politician)|John Carney]] nominated Zurn and [[Kathaleen McCormick]] to two new vice-chancellor positions on the Delaware Court of Chancery.<ref name="DE-announcement-2018">{{cite web | url=https://news.delaware.gov/2018/09/20/governor-carney-announces-two-nominations-court-chancery/ | title=Governor Carney announces two nominations to Court of Chancery | date=September 20, 2018 | work=Delaware.gov}}</ref> Carney praised Zurn's "breadth of knowledge, devotion to public service and passion for her work."<ref name="DE-announcement-2018" /> She was confirmed by the [[Delaware Senate]] on October 3 and was sworn in on October 4.<ref name="Court-Website-2023" /><ref>{{Cite web|url=https://www.law360.com/articles/1089001/mccormick-zurn-confirmed-to-complete-chancery-expansion|title=McCormick, Zurn Confirmed To Complete Chancery Expansion|last=Montgomery|first=Jeff|website=www.law360.com|language=en|access-date=July 23, 2023}}</ref> |
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===Notable Cases=== |
===Notable Cases=== |
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Also in September 2021, |
Also in September 2021, Zurn heard and decided ''DeMarco v. ChristianaCare Health Services, Inc.'',<ref>{{Cite web |title=DeMarco v. Christiana Care Health Services, Inc. |url=https://law.justia.com/cases/delaware/court-of-chancery/2021/c-a-no-2021-0804-mtz.html |access-date=2023-07-25 |website=Justia Law |language=en}}</ref> where the wife of a gravely ill COVID-19 patient sought an injunction forcing Wilmington Hospital to [[Ivermectin during the COVID-19 pandemic|treat her husband with ivermectin]].<ref>{{Cite web |title=The News Journal |url=https://www.delawareonline.com/restricted/?return=https%3A%2F%2Fwww.delawareonline.com%2Fstory%2Fnews%2F2021%2F09%2F20%2Fivermectin-suit-force-hospital-administer-drug-my-husband%2F8384635002%2F |access-date=2023-07-25 |website=www.delawareonline.com}}</ref><ref>{{Cite web |last=Cherry |first=Amy |date=2021-09-20 |title=Lawsuit seeks to force ChristianaCare to administer ivermectin to man dying of COVID |url=https://www.wdel.com/news/lawsuit-seeks-to-force-christianacare-to-administer-ivermectin-to-man-dying-of-covid/article_bb8fc6a8-1a29-11ec-a45a-3f37133b6501.html |access-date=2023-07-25 |website=WDEL 101.7FM |language=en}}</ref> Zurn denied the requested injunction the morning after an expedited evidentiary hearing, holding "Patients, even gravely ill ones, do not have a right to a particular treatment, and medical providers' duty to treat is coterminous with their standard of care."<ref>{{Cite web |title=Del. Hospital Can't Be Forced To Give Ivermectin For COVID-19 - Law360 |url=https://www.law360.com/articles/1425170/del-hospital-can-t-be-forced-to-give-ivermectin-for-covid-19 |access-date=2023-07-25 |website=www.law360.com |language=en}}</ref><ref>{{Cite web |date=2021-09-24 |title=Judge won't order hospital to give ivermectin to patient |url=https://apnews.com/article/coronavirus-pandemic-business-health-delaware-dover-a84e291158483d1e5c285d5fd81f716b |access-date=2023-07-25 |website=AP News |language=en}}</ref><ref>{{Cite web |date=2021-09-24 |title=Judge won't force Delaware hospital to give ivermectin to COVID-19 patient |url=https://www.fox2detroit.com/news/judge-wont-force-delaware-hospital-to-give-ivermectin-to-covid-19-patient |access-date=2023-07-25 |website=Associated Press |language=en-US}}</ref><ref>{{Cite web |last=Cherry |first=Amy |date=2021-09-23 |title=ChristianaCare won't be forced to administer ivermectin to critically ill COVID patient, judge says |url=https://www.wdel.com/news/christianacare-wont-be-forced-to-administer-ivermectin-to-critically-ill-covid-patient-judge-says/article_ef35b966-1c97-11ec-865c-f71ffae35b3a.html |access-date=2023-07-25 |website=WDEL 101.7FM |language=en}}</ref> Zurn's decision was cited favorably by courts addressing this issue around the country.<ref>{{Cite web |title=DeMarco v. Christiana Care Health Services, Inc., 263 A. 3d 423 - Del: Court of Chancery 2021 - Google Scholar |url=https://scholar.google.com/scholar_case?about=7813438568715535394&hl=en&as_sdt=10006&as_vis=1 |access-date=2023-07-25 |website=scholar.google.com}}</ref> |
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In 2023, Zurn presided over the settlement approval process in stockholder litigation related to a "novel equity restructuring" proposed by [[AMC Theatres]], a notable [[meme stock]].<ref>{{Cite web |url=https://www.reuters.com/legal/government/amc-entertainments-100-mln-settlement-snafu-is-cautionary-tale-judges-want-their-2023-04-06/|title=AMC Entertainment's $100 mln settlement snafu is cautionary tale: Judges want their say|website=Reuters|last=Frankel|first=Alison}}</ref><ref>{{cite web|url=https://www.reuters.com/business/media-telecom/amc-sets-unusual-shareholder-vote-meme-stock-sale-approval-2023-02-01|last=Sen|first=Anirban|website=Reuters|title=Analysis: AMC sets unusual shareholder vote for meme stock sale approval}}</ref> On July 21, 2023, Zurn rejected the parties' proposed settlement that "would allow the company to issue more shares, sending common shares soaring" up "69% after the closing bell."<ref name="Settlement-Rejection">{{Cite web|url=https://www.cnbc.com/2023/07/21/judge-denies-amc-settlement-on-stock-conversion-shares-surge-.html|title=Judge denies AMC settlement on stock conversion, shares surge|website=CNBC|language=en|access-date=July 23, 2023}}</ref> In her ruling, Zurn noted that an "unprecedented" number of stockholders—more than 2,800—objected to the proposed settlement.<ref name="Settlement-Rejection" /> Zurn observed that "AMC's stockholder base is extraordinary" and that many AMC stockholders "care passionately about their stock ownership and the company."<ref name="Settlement-Rejection"/> On August 11, 2023, Zurn approved a revised settlement in the AMC case.<ref>{{Cite web|url=https://www.cnbc.com/2023/08/11/amc-entertainment-gets-approval-for-revised-investor-settlement-preferred-stock-soars.html|title=AMC Entertainment gets approval for revised investor settlement, preferred stock soars|website=CNBC|language=en|access-date=August 15, 2023}}</ref> |
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Starting February 2023, Vice Chancellor Zurn presided over the settlement approval process of AMC Theatres stockholder litigation related to a "novel equity restructuring" previously approved by the strong majority (87%) of shareholders. For Context, individual investors have been citing significant disparity in APE equity pricing and the continual appearance of AMC on the Regulation SHO Threshold Security List, reflecting Market Makers inability to locate and deliver equity orders. Many "Diamond Hand" "MEME Stock" investors have remained loud regarding US stock market manipulation, including a need for the Department of Justice to enforce accountability, since the "GameStop Squeeze" in January 2021 when GME recorded 140% short interest and skyrocketed from under $5 to over $400. The AMC shareholder approved equity restructuring entails a 1:1, APE:AMC Conversion and 10:1 Reverse Split of the companies currently outstanding securities which eliminates pricing disparity, ideally obligating Market Makers to deliver on transactions rather than collect investor money while merely annotating book entry ownership. To be clear, the conversion and reverse split have been approved. |
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Vice Chancellor Zurn is still presiding over the settlement whereby a few shareholders are requesting AMC stock holders be compensated in additional stock as part of their claim that this restructuring impairs previous stockholder value. Many Shareholders speculate it is a tactic to slow the equity conversion and disrupt AMC profitability plans. AMC has agreed to a settlement with the plaintiff valued at $129M in an attempt to move forward with their business plan and protect equity holders from stagnate litigation. |
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On July 21, 2023, Zurn rejected the parties' proposed settlement. In her ruling, Zurn noted observing that "AMC's stockholder base is extraordinary" and that many AMC stockholders "care passionately about their stock ownership and the company."<ref name="Settlement-Rejection">{{Cite web|url=https://www.cnbc.com/2023/07/21/judge-denies-amc-settlement-on-stock-conversion-shares-surge-.html|title=Judge denies AMC settlement on stock conversion, shares surge|website=CNBC|language=en|access-date=July 23, 2023}}</ref> By Sunday July 23, 2023 AMC had resubmitted a revised settlement agreement catered toward satisfying Vice Chancellor Zurn's decision denial points. As of August 3, 2023 the litigation is ongoing, continuing to inhibit AMC Theatres and the shareholder majority from moving forward with their preapproved business plans. |
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== References == |
== References == |
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[[Category:University of Virginia alumni]] |
[[Category:University of Virginia alumni]] |
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[[Category:Living people]] |
[[Category:Living people]] |
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{{US-state-judge-stub}} |
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Latest revision as of 13:49, 10 April 2024
Morgan T. Zurn | |
|---|---|
 | |
| Vice Chancellor of the Delaware Court of Chancery | |
| Assumed office October 4, 2018 | |
| Appointed by | John Carney |
| Preceded by | Seat established |
| Personal details | |
| Alma mater | University of Virginia (B.A.) University of Pennsylvania Law School (JD) |
Morgan T. Zurn is an American lawyer and judge on the Delaware Court of Chancery.
Career
[edit]Zurn received a Bachelor of Arts degree from the University of Virginia and received her J.D. from the University of Pennsylvania Law School.[1] She began her career as a patent lawyer. She then served as a Deputy Attorney General at the Delaware Department of Justice.[2]
In September 2018, Governor John Carney nominated Zurn and Kathaleen McCormick to two new vice-chancellor positions on the Delaware Court of Chancery.[3] Carney praised Zurn's "breadth of knowledge, devotion to public service and passion for her work."[3] She was confirmed by the Delaware Senate on October 3 and was sworn in on October 4.[1][4]
Notable Cases
[edit]In September 2021, Zurn denied the defendants' motion to dismiss a stockholder derivative complaint based on the Boeing 737 MAX crashes that occurred in 2019.[5][6][7] Two months later, the defendants—members of Boeing's board of directors—settled the litigation for $237.5 million.[8] [9] The settlement agreement obligated Boeing to "add another director to its 12-member board with aviation, engineering or product-safety oversight experience" and to amend its bylaws to "memorialize the separation of the CEO and board chairmanship" roles that the company adopted in 2019 in response to the crashes.[10]
Also in September 2021, Zurn heard and decided DeMarco v. ChristianaCare Health Services, Inc.,[11] where the wife of a gravely ill COVID-19 patient sought an injunction forcing Wilmington Hospital to treat her husband with ivermectin.[12][13] Zurn denied the requested injunction the morning after an expedited evidentiary hearing, holding "Patients, even gravely ill ones, do not have a right to a particular treatment, and medical providers' duty to treat is coterminous with their standard of care."[14][15][16][17] Zurn's decision was cited favorably by courts addressing this issue around the country.[18]
In 2023, Zurn presided over the settlement approval process in stockholder litigation related to a "novel equity restructuring" proposed by AMC Theatres, a notable meme stock.[19][20] On July 21, 2023, Zurn rejected the parties' proposed settlement that "would allow the company to issue more shares, sending common shares soaring" up "69% after the closing bell."[21] In her ruling, Zurn noted that an "unprecedented" number of stockholders—more than 2,800—objected to the proposed settlement.[21] Zurn observed that "AMC's stockholder base is extraordinary" and that many AMC stockholders "care passionately about their stock ownership and the company."[21] On August 11, 2023, Zurn approved a revised settlement in the AMC case.[22]
References
[edit]- ^ a b "Judicial Officers - Court of Chancery - Delaware Courts - State of Delaware". courts.delaware.gov. Retrieved July 23, 2023.
- ^ McParl, Tom (September 21, 2018). "Del. Gov. Names 2 Women for New Chancery Seats as Business Court Expands". Delaware Law Weekly. Retrieved July 23, 2023.
- ^ a b "Governor Carney announces two nominations to Court of Chancery". Delaware.gov. September 20, 2018.
- ^ Montgomery, Jeff. "McCormick, Zurn Confirmed To Complete Chancery Expansion". www.law360.com. Retrieved July 23, 2023.
- ^ Shepardson, David; Hals, Tom (September 8, 2021). "Shareholders may pursue 737 MAX claims against Boeing board, court rules". Reuters.
- ^ LaCroix, Kevin (September 9, 2021). "Del. Court Substantially Denies Boeing Duty of Oversight Claim Dismissal Motion". The D&O Diary.
- ^ Herlihy, Edward D.; Savitt, William (September 13, 2021). "Boeing's MAX Woes Reach the Boardroom". Harvard Law School Forum on Corporate Governance.
- ^ Shepardson, David (November 5, 2021). "Boeing directors agree to $237.5 million settlement over 737 MAX safety oversight". Reuters.
- ^ LaCroix, Kevin (Nov 7, 2021). "Boeing Air Crash Derivative Lawsuit Settles for $237.5 Million". The D&O Diary.
- ^ Tangel, Andrew (November 5, 2021). "Boeing Board to Add Safety Expert, Make Other Changes in 737 MAX Settlement". Wall Street Journal.
- ^ "DeMarco v. Christiana Care Health Services, Inc". Justia Law. Retrieved 2023-07-25.
- ^ "The News Journal". www.delawareonline.com. Retrieved 2023-07-25.
- ^ Cherry, Amy (2021-09-20). "Lawsuit seeks to force ChristianaCare to administer ivermectin to man dying of COVID". WDEL 101.7FM. Retrieved 2023-07-25.
- ^ "Del. Hospital Can't Be Forced To Give Ivermectin For COVID-19 - Law360". www.law360.com. Retrieved 2023-07-25.
- ^ "Judge won't order hospital to give ivermectin to patient". AP News. 2021-09-24. Retrieved 2023-07-25.
- ^ "Judge won't force Delaware hospital to give ivermectin to COVID-19 patient". Associated Press. 2021-09-24. Retrieved 2023-07-25.
- ^ Cherry, Amy (2021-09-23). "ChristianaCare won't be forced to administer ivermectin to critically ill COVID patient, judge says". WDEL 101.7FM. Retrieved 2023-07-25.
- ^ "DeMarco v. Christiana Care Health Services, Inc., 263 A. 3d 423 - Del: Court of Chancery 2021 - Google Scholar". scholar.google.com. Retrieved 2023-07-25.
- ^ Frankel, Alison. "AMC Entertainment's $100 mln settlement snafu is cautionary tale: Judges want their say". Reuters.
- ^ Sen, Anirban. "Analysis: AMC sets unusual shareholder vote for meme stock sale approval". Reuters.
- ^ a b c "Judge denies AMC settlement on stock conversion, shares surge". CNBC. Retrieved July 23, 2023.
- ^ "AMC Entertainment gets approval for revised investor settlement, preferred stock soars". CNBC. Retrieved August 15, 2023.