The Delaware Court of Chancery recently held in Rainbow Mountain v. Begeman that a pro se defendant was not effectively removed as a director, officer or member of a Delaware nonstock corporation, Rainbow Mountain Inc. This interesting opinion combines the theatrics of family drama with insight into a less common form of Delaware entity: the nonstock corporation. Unlike a typical corporation, Delaware nonstock corporations do not issue stock, and as with LLCs, those with ownership interests are referred to as “members.”
In this declaratory judgment action, the company and defendant, Terry Begeman, sought reciprocal judgments to determine whether Begeman had effectively been removed from the company as a director, officer, and member, and as a result, whether Begeman had a right to occupy company land.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
