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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

LC CAPITAL MASTER FUND, LTD., on )
behalf of itself and all holders of the Series A  )
Cumulative Mandatory Convertible Preferred )
Stock of QuadraMed Corporation, )
)
Plaintiff, )
)

v. )
) DUNCAN JAMES, JAMES PEEBLES, ) ROBERT PEVENSTEIN, LAWRENCE ) C.A. No. 5214-VCS ENGLISH, ROBERT MILLER, WILLIAM ) JURIKA, QUADRAMED CORPORATION ) FRANCISCO PARTNERS II, L.P., ) FRANCISCO PARTNERS PARALLEL ) FUND II, L.P., FRANCISCO PARTNERS GP ) II, L.P., FRANCISCO PARTNERS GP II  ) MANAGEMENT, LLC, FRANCISCO ) PARTNERS MANAGEMENT, LLC, ) BAVARIA HOLDINGS INC., and BAVARIA ) MERGER SUB, INC., )
)
  Defendants. )

OPINION

Date Submitted: March 3, 2010
Date Decided: March 8, 2010

Bruce L. Silverstein, Esquire, Christian Douglas Wright, Esquire, Richard J. Thomas, Esquire, YOUNG, CONAWAY, STARGATT & TAYLOR, LLP, Wilmington, Delaware, Attorneys for Plaintiff.
Daniel A. Dreisbach, Esquire, John D. Hendershot, Esquire, Geoffrey G. Grivner, Esquire, Peter C. Wood, Jr., Esquire, RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware;  William J. McSherry Jr., Esquire, John N. Thomas, Esquire, CROWELL & MORING, LLP, New York, New York, Attorneys for Defendants Duncan James, James Peebles, Robert Pevenstein, Lawrence English, Robert Miller, William Jurika, and QuadraMed Corporation.
S. Mark Hurd, Esquire, Shannon E. German, Esquire, MORRIS, NICHOLS, ARSHT & TUNNELL, LLP, Wilmington, Delaware;  Stephen D. Hibbard, Esquire, SHEARMAN & STERLING, LLP, San Francisco, California, Attorneys for Defendants Francisco Partners II, L.P., Francisco Partners Parallel Fund II, L.P., Francisco Partners GP II, L.P., Francisco Partners GP II Management, LLC, Francisco Partners Management, LLC, Bavaria Holdings Inc., and Bavaria Merger Sub, Inc.
STRINE, Vice Chancellor.
I. Introduction
Plaintiff LC Capital Master Fund, Ltd. (

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