Eric Douglas Guilbeau v. Footprint International Holdco, Inc.

── Eric Douglas Guilbeau v. Footprint International Holdco, Inc. ── Court: Court of Chancery of Delaware Date: April 30, 2026 Category: General IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE ERIC DOUGLAS GUILBEAU, et al., Plaintiffs, v. C.A. No. 2024-0968-JTL FOOTPRINT INTERNATIONAL HOLDCO, INC., CLEVELAND AVENUE, LLC, FOOTPRINT CA LLC, CA OPPORTUNITY FUND I LLC, CLEVELAND MANOR INVESTMENTS II LLC, CA FOOD I FUND LLC, OLYMPUS GROWTH FUND VII, L.P., OLYMPUS GROWTH FUND VII PARALLEL, L.P., MOVENDO CAPITAL, B.V., ZENCAP HOLDINGS FP, LLC, DON THOMPSON, MANU BETTEGOWDA, STEFAN KIRSTEN, HILLA SFERRUZZA, BRIAN KRZANICH, RICHARD J. DALY, KEVIN EASLER, LESLIE BRUN, and YOKE CHUNG, Defendants. OPINION ADDRESSING RULE 12(B)(6) MOTIONS TO DISMISS Date Submitted: February 3, 2026 Date Decided: April 30, 2026 Timothy R. Dudderar, Aaron R. Sims, Ellis H. Huff, Camilia R. Stoyanova, POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Attorneys for Plaintiffs Eric Douglas Guilbeau, as the trustee of the Guilbeau Living Trust Dated November 11, 2003, Paul Winandy, 356 Investments, LLC, Arch Partners LLC, Jason Anderson, Brian Francis Austin, Tanner Blaine Bickelhaupt, Steven W. Carter, Marisa A. Dulin, Eric J. Guilbeau, Ivan Dean Johnson, Joseph R. Kosakowski, Wallace Jay Lovelace, David Michael McGowan, Geoffrey Emeka Mobisson, Shawn David Olson, Jeffrey Lee Smith, Daniel Joseph Tiernan, Yasmin Rahimi, as the trustee of the Rahimi Twins Trust, Craig Bruya, Second Avenue Partners LLC, Tracy Neighbors, and Marcus Labastida II. Daniel A. Mason, Sabrina M. Hendershot, Miranda N. Gilbert, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, Wilmington, Delaware; Susanna M. Buergel, Geoffrey Chepiga, Marques Tracy, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, New York, New York; Attorneys for Defendants Footprint International Holdco, Inc., Don Thompson, Manu Bettegowda, Stefan Kirsten, Hilla Sferruzza, Brian Krzanich, Richard J. Daly, Kevin Easler, Leslie Brun, and Yoke Chung. Kaan Ekiner, Nathan D. Barillo, COZEN O’CONNOR, Wilmington, Delaware; Michael de Leeuw, Tamar Wise, COZEN O’CONNOR, New York, New York; Attorneys for Defendants Cleveland Avenue, LLC, Footprint CA LLC, CA Opportunity Fund I LLC, Cleveland Manor Investments II LLC, CA Food I Fund LLC, Olympus Growth Fund VII, L.P., Olympus Growth Fund VII Parallel, L.P., and Movendo Capital, B.V. Ronald N. Brown, III, Kelly L. Freund, DLA PIPER LLP (US), Wilmington, Delaware; Attorneys for Defendant Zencap Holdings FP, LLC. LASTER, V.C.  Early stage friends-and-family investors acquired Class A preferred stock. They now challenge a cram-down financing, claiming it resulted from breaches of contract. The defendants moved to dismiss those claims under Rule 12(b)(6). Their motions are granted.1 I. FACTUAL BACKGROUND The facts are drawn from the second amended complaint (the “Complaint”) and the documents it incorporates by reference.2 At this procedural stage, the court must credit the Complaint’s well-pled allegations and draw all reasonable inferences in the plaintiffs’ favor. A. The Company And The Class A Offering Footprint International Holdco, Inc. (the “Company”) develops biodegradable food packaging. The Company is a Delaware corporation with its principal place of business in Phoenix, Arizona. Troy Swope and Yoke Chung co-founded the Company. Swope served as CEO until January 2023. Chung is the Chief Technology Officer. 1 The court will issue a separate decision addressing the fiduciary and related claims. The court will not enter an order implementing this decision until after the separate decision has issued. The time for any motion for reconsideration, any application for interlocutory appeal, or any similar relief will run from the date of the implementing order. That is an accommodation, not an invitation. 2 Citations in the form “Compl. ¶ ___” refer to paragraphs of the Complaint, which