
David Margules has more than 40 years of experience litigating a broad range of complex cases, particularly matters relating to entity governance disputes. Over the course of his career, he has earned the reputation as one of the top trial counsel in Delaware. A former newspaper reporter, David also has been praised for the quality of his written work.
Most of David's practice involves business disputes, including fiduciary duty claims, corporate valuation proceedings, corporate and partnership control fights, and insurance coverage defense. He also frequently counsels governing boards and entity counsel on strategic and litigation avoidance matters.
Experience
Representative Matters
- Represented Board candidates in a contested director election in which clients were a slate including half of the incumbent Board of AeroJet Rocketdyne, a public company, headed by CEO Eileen Drake, who faced off against a slate headed by activist investor Warren Lichtenstein and including the other half of the incumbent Board. Representation included successfully defending litigation in which the Lichtenstein slate accused Drake and company management of improperly using company resources to advance their campaign and participating in crafting proxy strategies and materials. The Drake slate was elected by an overwhelming majority, after which management accepted a $4.7 billion buyout from L3Harris.
- Represented former stockholders in numerous statutory appraisal proceedings in which investors pursued rights to receive a court-determined “fair value” of the company instead of accepting the negotiated merger consideration. The subject companies included Zale, Towers Watson, Regal Entertainment, and Starz.
- Represented Twitter in its successful enforcement of Elon Musk’s obligation to complete his acquisition of the company for an aggregate price of $44 billion. After signing a merger agreement, Musk refused to close. Twitter brought an action for specific performance in Delaware’s Chancery Court. Working with Twitter’s lead counsel, Ballard Spahr’s team pursued discovery against more than 100 third-party witnesses, including Musk’s equity investors and attorneys. Shortly before trial, Musk announced he would go forward with the deal and on October 27, 2022, closed the acquisition in accordance with the merger agreement terms.
Professional Highlights
Professional Activities
Presenter, the Delaware State Bar Association's Litigation Academy (Session II) in Wilmington, September 2018
Guest lecturer, corporate law litigation, Vanderbilt University and University of Pennsylvania Carey Law Schools
Lecturer at Law (1997-1998 and 2000) and Grant Irey Lecturer at Law (1999), mergers and acquisitions seminar, University of Pennsylvania Carey Law School
Recognition & Accomplishments
Chambers USA, Chancery, Delaware, 2016-2024; presently ranked in Band 2
The Best Lawyers in America, Intellectual Property Litigation (Wilmington), 2015-2023; Litigation – Mergers and Acquisitions (Wilmington), 2011-2025; Commercial Litigation (Wilmington), 2010-2025; Corporate Law (Wilmington), 2011-2025; Corporate Governance Law (Wilmington), 2025
Benchmark Litigation, "Litigation Star," Insurance, Commercial, 2021-2025
Speaking Engagements
Panelist, "Crisis at the Company – The Role of Independent Directors in Steering the Company to Safe Waters," John L. Weinberg Center for Corporate Governance, University of Delaware, October 25, 2022
Panelist, "Fall Corporate Roundtable," University of Pennsylvania Carey Law School, December 15, 2017
Panelist, "The Return of Appraisal Rights – Who Would Have Expected an Impact on Dealmaking in 2017?" 29th Annual Corporate Law Institute, Tulane University, New Orleans, March 2017
Panelist, "Hot Topics in Valuation Law," the American Society of Appraisers and the Canadian Institute of Chartered Business Valuators joint conference, Toronto, October 2014
Board Memberships & Community Service
David is active in numerous national and local service organizations, including Jewish National Fund, AIPAC, Delaware Gratz Hebrew High School, and Chabad Lubavitch of Delaware, Inc.
Related Insights
Credentials
Education
New York University School of Law (J.D., cum laude, 1983)
Staff Member, New York University Law Review
Member, Order of the Coif
Columbia University (B.A. 1978)
Admissions
Delaware
U.S. District Court for the District of Delaware
U.S. Court of Appeals for the Second Circuit
U.S. Court of Appeals for the Third Circuit