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Two years ago, the directors of Cedar Analytics, Inc. reimbursed themselves for luxury travel unrelated to corporate business. At that time, Jordan owned no shares. Last year, Jordan bought 5% of Cedar's shares from a founder. This year, Jordan inherited another 3% from an aunt who had owned Cedar shares at the time of the travel reimbursements.
Jordan sent Cedar a written demand asking the board to sue the directors for the travel reimbursements. Ten days later, before receiving any response, Jordan filed a derivative suit. Jordan also publicly stated that the suit was intended to force the directors to buy Jordan's shares at a premium.
What standing, demand, and adequacy issues should the court consider? Discuss.