In CapStack Nashville 3 v. MACC Venture Partners, C.A. No. 2018-0552-SG, (Del. Ch. Aug. 16, 2018), Vice Chancellor Sam Glasscock III considered whether equity had jurisdiction to entertain a temporary restraining order (TRO) that would have the effect of a prior restraint on speech. In a letter opinion, he concluded that the Delaware Court of Chancery cannot place prior restraints on speech, especially before a determination whether the speech is entitled to constitutional protection following a hearing on the merits.
The case involved a joint venture to invest in and manage three apartment complexes in Nashville, Tennessee. The plaintiffs purchased the apartment complexes in August 2017. Before making the investment, the plaintiffs were introduced to the defendants, who claimed to have experience managing apartment complexes. Based on those representations, the plaintiffs offered the defendants the opportunity to participate in a joint venture to manage the properties.
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