The Delaware Court of Chancery recently took the largely unprecedented step of appointing a receiver for a Delaware limited liability company. WhileJagodzinski v. Silicon Valley Innovation Co. LLC is a short opinion, it has large implications. Here are just a few, but first it is necessary to focus on its odd facts.
Silicon Valley was a books-and-records case. The plaintiff, Christian Jagodzinski, sought access to the records of Silicon Valley, apparently out of concern over how it was being operated (or, actually, not operated) after his investment. He won his case and the court, at least three times, ordered Silicon Valley to let Jagodzinski see the records he sought.
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