The Gregory M. Raiff 2000 Trust v. Jenzabar, Inc.

── The Gregory M. Raiff 2000 Trust v. Jenzabar, Inc. ── Court: Court of Chancery of Delaware Date: April 13, 2026 Category: General IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE THE GREGORY M. RAIFF 2000 ) TRUST, ) ) Plaintiff, ) ) v. ) C.A. No. 2024-0368-LWW ) JENZABAR, INC., a Delaware ) Corporation; ROBERT A MAGINN, ) JR.; DANIEL QUINN MILLS; ) JOSEPH SAN MIGUEL; LING CHAI; ) JAMISON BARR; TORRENCE ) HARDER, IV; THE CHAI-MAGINN ) FAMILY LIMITED PARTNERSHIP; ) THE CHAI-MAGINN FAMILY LLC; ) and JOHN and JANE DOES 1-5, ) ) Defendants, ) ) and ) ) JENZABAR INC., ) ) Nominal Defendant. ) MEMORANDUM OPINION Date Submitted: January 16, 2026 Date Decided: April 13, 2026 David H. Holloway, SHLANSKY LAW GROUP, LLP, Wilmington, Delaware; Colin R. Hagan, David J. Shlansky, SHLANSKY LAW GROUP, LLP, Chelsea, Massachusetts; Counsel for Plaintiffs Christopher Barry, Jared Snell, and Laurel Santmire Albert H. Manwaring, IV, Kirsten A. Zeberkiewicz, Aubrey J. Morin, MORRIS JAMES LLP, Wilmington, Delaware; Counsel for Defendant and Nominal Defendant Jenzabar, Inc. Jody C. Barillare, Brian Loughnane, MORGAN, LEWIS & BOCKIUS LLP, Wilmington, Delaware; Michael D. Blanchard, Andrew M. Buttaro, MORGAN, LEWIS & BOCKIUS LLP, Boston, Massachusetts; Counsel for Defendants Robert A. Maginn, Jr. and The Chai-Maginn Family LLC Thad J. Bracegirdle, Sarah T. Andrade, BAYARD, P.A., Wilmington, Delaware; Counsel for Defendants D. Quinn Mills and Olga Perera San Miguel, Independent Executor of the Estate of Joseph Girard San Miguel, Deceased John M. Seaman, Adam K. Schulman, ABRAMS & BAYLISS LLP, Wilmington, Delaware; Counsel for Defendant Torrence Harder Jason A. Cincilla, Wade A. Bredin, MANNING GROSS + MASSENBURG LLP, Wilmington, Delaware; Counsel for Defendant The Chai-Maginn Family Limited Partnership Ling Chai, Belmont, Massachusetts; Defendant, Pro Se WILL, Vice Chancellor  This action is one of several suits brought in the wake of a prior judgment against Jenzabar, Inc. founder Robert A. Maginn, Jr. In 2022, this court held that Maginn usurped a corporate opportunity belonging to a Jenzabar investment vehicle and ordered him to pay $30.7 million in damages. Now, stockholders of Jenzabar are suing Maginn and his fellow directors for advancing his legal fees and paying the prior judgment. They also seek relief for a separate purported scheme from 2010 to 2015 to overpay directors and officers while diluting minority stockholders. The complaint suffers from several threshold defects. First, the claims are derivative, despite being styled as dual-natured. Some claims are not yet ripe for adjudication; others are many years stale. The defendants’ motions to dismiss are therefore granted. I. BACKGROUND The following facts are drawn from the First Amended Complaint (“Complaint”) and the documents it incorporates by reference.1 1 First Am. Compl. (Dkt. 31) (“Am. Compl.”); see Freedman v. Adams, 2012 WL 1345638, at *5 (Del. Ch. Mar. 30, 2012) (“When a plaintiff expressly refers to and heavily relies upon documents in her complaint, these documents are considered to be incorporated by reference into the complaint[.]” (citation omitted)); In re Books-A-Million, Inc. S’holders Litig., 2016 WL 5874974, at *1 (Del. Ch. Oct. 10, 2016) (providing that the court may take judicial notice of “facts that are not subject to reasonable dispute” (citation omitted)), aff’d, 164 A.3d 56 (Del. 2017) (TABLE). 1  A. Jenzabar Jenzabar, Inc., a Delaware corporation, is a Massachusetts-based education technology company.2 It was f