Orange, Inc. borrows money from Paul and is unable to pay hi…

Orange, Inc. borrows money from Paul and is unable to pay him back because Orange, Inc. has made some bad, but not negligent, business decisions and no longer has sufficient capital to pay its debts. Assuming that Orange, Inc. has followed the requisite corporate formalities, whom can Paul successfully sue?

Miriam Corp. is a publicly traded Delaware corporation. Acco…

Miriam Corp. is a publicly traded Delaware corporation. According to its certificate of incorporation, its board has five directors. As of January 1, these five directors are Tim, Tom, Mary, Larry, and Clarinda. Tom, Mary, and Larry are Tim’s children. Tim does not have any ties to Clarinda.On February 1, Tim buys a parcel of real estate from Miriam Corp. for $1,000,000. At the time of the transaction, the market value of the property is $1,200,000.Before the relevant documents are signed, the transaction is approved by the board of Miriam Corp. At the relevant board meeting, which takes place on February 1, all directors are present, and four of them approve the transaction, with only Clarinda voting against it.On March 1, the annual shareholder meeting of Miriam Corp. takes place. Tim and Tom are reelected to the board. By contrast, Mary, Larry, and Clarinda are not reelected. In their stead, Matt, Joanne, and Justin are elected to the board. None of the three new directors has any ties to Tim, Tom, Marry, Larry, or Clarinda.Jill is a longtime shareholder of Miriam Corp. On April 1, Jill brings a derivative suit with the aim of making Tim pay damages to the corporation.Jill did not make any demand on the board of Miriam Corp. before filing her derivative suit. Jill owns 67% of the outstanding shares of Miriam Corp. Which, if any, of the following statements is correct?