The Delaware Court of Chancery has approved the judicial dissolution of a Delaware limited liability company that had become deadlocked in the midst of out-of-state litigation over a venture with a private equity firm.
According to court filings, the real estate company, NAP Partners, never really got off the ground. Formed in September 2011, the firm’s three managers “abandoned” the business to pursue a new venture with a “multinational” private equity firm, whose name is not included in public versions of the parties’ briefings.
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