A provider of seed capital that took over investment portfolios formerly managed by a smaller asset-management firm was owed more than $700,000 in fees, the Delaware Court of Chancery has ruled.

In so ruling, the court effectively offset the smaller firm's claim for distribution from the sale of a successful asset. That claim gave rise to the action in Chancery Court, which was met by counterclaims bringing up obligations under other agreements between the litigants.

Writing in Finger Lakes Capital Partners v. Honeoye Lake Acquisition, Vice Chancellor J. Travis Laster on Monday said an earlier decision agreeing that distribution would be required did not determine the outcome of the case, because genuine issues of material fact remained over the parties' other agreements, and that they needed to be sorted out to determine the scope of their obligations.