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Because this case did not involve a transaction to which entire fairness applied the burden of proof rested on the plaintiff initially to prove facts sufficient to rebut one of the elements of the business judgment rule.

Once the plaintiff proved that a disinterested and independent board majority did not approve the Merger, the burden shifted to the defendants to establish that their decisions were entirely fair.

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Having evaluated the witnesses` credibility and weighed the evidence as a whole, I find the facts to be as follows.

17 18Defendant Jochen Hummel and Iko Knyphausen founded Trados in 1984.

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20By the late 1990s, Trados enjoyed a dominant position in the desktop translation market.Integer sodales, urna eget interdum eleifend, nulla nibh laoreet nisl, quis dignissim mauris dolor eget mi. Duis nisi tellus, adipiscing a convallis quis, tristique vitae risus. Vivamus gravida vehicula arcu, vitae vulputate augue lacinia faucibus. Mauris suscipit, turpis ut dapibus rhoncus, odio erat egestas orci, in sollicitudin enim erat id est. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc sodales, metus ut vestibulum ornare, est magna laoreet lectus, ut adipiscing massa odio sed turpis. Sed auctor gravida arcu, nec fringilla orci aliquet ut. Afterwards, Trados increased revenue year-over-year but failed to satisfy its VC backers. As part of that process, the Board adopted a management incentive plan (the "MIP") that compensated management for achieving a sale even if the transaction yielded nothing for the common stock. The VC firms received preferred stock and placed representatives on the Trados board of directors (the "Board").14The plaintiff contended that instead of selling to SDL, the Board had a fiduciary duty to continue operating Trados independently in an effort to generate value for the common stock.Despite the directors' failure to follow a fair process and their creation of a trial record replete with contradictions and less-than-credible testimony, the defendants carried their burden of proof on this issue.Hummel became Chief Technology Officer and served on the Board.Knyphausen left the Company and did not play a significant role in the case.The MIP took the first .8 million of the Merger consideration. A court determines whether directors have fulfilled their fiduciary duties by evaluating the challenged decision through the lens of the applicable standard of review.Because a board majority comprised of disinterested and independent directors did not approve the Merger, the defendants had to prove that the transaction was entirely fair.


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