A leading investor in a Silicon Valley startup incubator does not have grounds to displace the court-appointed receiver now in charge of the venture capital firm, Delaware Court of Chancery Vice Chancellor Donald F. Parsons Jr. has ruled.
Silicon Valley Innovation Co.—which raised over $80 million to incubate startup tech companies—was placed into receivership in January 2013 because the company was not providing an accounting of its financial affairs to investors and because executives allegedly ran a scheme to take investors’ money.
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