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Publication Date: 2024-07-30
Practice Area: Contracts
Industry: Investments and Investment Advisory | Real Estate
Court: Delaware Superior Court
Judge: Judge Davis
Attorneys: For plaintiff: Travis S. Hunter, Alexandra M. Ewing, Richards, Layton & Finger, P.A., Wilmington, DE for plaintiff.
for defendant: Douglas D. Herrmann, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE; R. Thomas Avery, Stephen M. Hoeplinger, Capes, Sokol, Goodman & Sarachan, P.C., St. Louis, MO for defendants.
Case Number: N23C-10-136 EMD CCLD
LLC member's capital contributions were not "losses" under the parties' guaranty as treating them as losses would effectively force the other members to make capital contributions for which the first member would receive a greater ownership stake.
Publication Date: 2024-07-30
Practice Area: Corporate Governance
Industry: Real Estate
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; S. Michael Blochberger, Abrams & Bayliss LLP, Wilmington, DE; Michael B. Carlinsky, David E. Myre, Ryan A. Rakower, Caitlin E. Jokubaitis, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Paul J. Loughman, Robert M. Vrana, Michael A. Laukaitis II, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Mitchell Geller, Jasmine S. Chean, Holland & Knight LLP, New York, NY for plaintiffs.
for defendant: Rudolf Koch, Daniel E. Kaprow, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Cyrulnik Fattaruso LLP, New York, NY for defendant.
Case Number: 2023-1124-JTL
Lack of formal identification of managers meant that LLC operating family business was a member-managed entity, although deceased family member's LLC interest became an assignee interest held by his estate.
Publication Date: 2024-07-30
Practice Area: Mergers and Acquisitions
Industry: Health Care | Investments and Investment Advisory
Court: Delaware Superior Court
Judge: Judge Rennie
Attorneys: For plaintiff: Carmella P. Keener, Cooch and Taylor, P.A., Wilmington, DE; David W. Asp, Joseph C. Bourne, R. David Hahn, Lockridge Grindal Nauen P.L.L.P., Minneapolis, MN; Anne T. Regan, Nathan D. Prosser, Hellmuth & Johnson PLLC, Edina, MN for plaintiffs.
for defendant: Emily V. Burton, Cheol W. Park, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Jan M. Conlin, Heather M. McElroy, Patrick A. Cochran, Ciresi Conlin LLP, Minneapolis, MN for defendant.
Case Number: N23C-09-005 SKR CCLD
Forward-looking projection could constitute actionable fraud where plaintiffs adequately alleged that the projection was a complete fabrication as defendants lacked the data necessary to calculate a reasonable projection and thus likely fabricated the figures underpinning the projection.
Publication Date: 2024-07-30
Practice Area: Contracts
Industry: Chemicals and Materials | Manufacturing
Court: Delaware Superior Court
Judge: Judge Davis
Attorneys: For plaintiff: Stephen B. Brauerman, Emily L. Skaug, Bayard, P.A., Wilmington, DE for plaintiff.
for defendant: Joelle E. Polesky, Stradley Ronon Stevens & Young, LLP, Wilmington, DE; Patrick K. Kingsley, Stradley Ronon Stevens & Young, LLP, Philadelphia, PA for defendant.
Case Number: N23C-08-096 EMD CCLD
Express terms of parties' supply agreement released supplier from having to honor rates under the agreement after its termination, and the agreement merely allowed purchaser to apply credits it had earned to future contracts negotiated between the parties.
Publication Date: 2024-07-30
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE, special magistrate;
for defendant: Richard I.G. Jones, Jr., Harry W. Shenton, IV, Zachary J. Schnapp, Berger McDermott LLP, Wilmington, DE, attorneys for receiver.
Case Number: 12843-VCL
Court overruled receiver's objections to special magistrate's report on allegations of wrongdoing by receiver where the recommendations did not violate receiver's constitutional rights by remarking on receiver's invocation of Fifth Amendment privilege in a context that would not result in self-incrimination and did not recommend that receiver be convicted of a crime.
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Publication Date: 2024-07-30
Practice Area: Corporate Governance
Industry: Health Care | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA for plaintiff.
for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Spencer V. Crawford, Richards, Layton & Finger, P.A., Wilmington, DE; Glenn Kurtz, Andrew Hammond, White & Case LLP, New York, NY; Paul J. Lockwood, Lauren N. Rosenello, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.
Case Number: 2022-1118-MTZ
Court dismissed derivative complaint where stockholder failed to show that a majority of the board faced personal liability for willfully ignoring deficiencies in corporate oversight systems or signs the company faced a strong likelihood of corporate trauma.
Publication Date: 2024-07-23
Practice Area: Corporate Governance
Industry: Entertainment and Leisure
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: Thomas W. Briggs, Jr., Tarik J. Haskins, Elizabeth A. Mullin Stoffer, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Alan I. Silver, Tal A. Bakke, Bassford Remele, P.A., Minneapolis, MN for plaintiffs.
for defendant: Alexandra D. Rogin, Paul S. Seward, Eckert Seamans Cherin & Mellott, LLC, Wilmington, DE; Stephen A. Ling, Karen D. Olson, Spencer Fane LLP, Minneapolis, MN; Courtney L. Creal, Spencer Fane LLP, Nashville, TN for defendants.
Case Number: 2024-0016-KSJM
Court granted managing members summary judgment on claim to invalidate purported amended LLC agreement where prior version of agreement expressly excluded non-managing members from taking unilateral actions on behalf of the company or removing managing members without remaining managing members' consent.
Publication Date: 2024-07-23
Practice Area: Corporate Entities
Industry: Legal Services | Real Estate
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Frank E. Noyes, Offit Kurman, P.A., Wilmington, Delaware for plaintiff;
for defendant: David Konick, pro se defendant.
Case Number: 2022-1036-LWW
Court ordered judicial dissolution of LLC formed to hold vacation property after the end of the parties' romantic relationship rendered carrying on the LLC's "business" impractical.
Publication Date: 2024-07-23
Practice Area: Mergers and Acquisitions
Industry: Distribution and Wholesale | Pharmaceuticals
Court: Delaware Superior Court
Judge: Judge Davis
Attorneys: For plaintiff: Thomas E. Hanson, Jr., Barnes & Thornburg LLP, Wilmington, DE; Eric Sussman, Denise Lazar, Barnes & Thornburg LLP, Chicago, IL for plaintiffs.
for defendant: John M. Seaman, Florentina D. Field, Abrams & Bayliss LLP, Wilmington, DE; Travis S. Hunter, Richards, Layton & Finger, P.A., Wilmington, DE; Michael J. Payne, Frankel, Rubin, Klein, Payne & Pudlowski, P.C., St. Louis, MO for defendants.
Case Number: N23C-09-011 EMD CCLD
Buyers waived their fraud claims against sellers by averring in a subsequent letter agreement that buyers' losses arose from sellers' breaches of representations and warranties, and buyers failed to file an indemnity lawsuit within the applicable survival period.
Publication Date: 2024-07-23
Practice Area: Corporate Governance
Industry: Pharmaceuticals
Court: Delaware Supreme Court
Judge: Justice Seitz
Attorneys: For plaintiff: John M. Seaman, Eliezer Y. Feinstein, Abrams & Bayliss LLP, Wilmington, DE; Teresa Goody Guillén, Richard Raile, Baker & Hostetler LLP, Washington, DC; Marco Molina, Baker & Hostetler LLP, Costa Mesa, CA; Alexandra L. Trujillo, Baker & Hostetler LLP, Houston, TX for appellant.
for defendant: William R. Denny, Matthew F. Davis, Nicholas D. Mozal, Caneel Radinson-Blasucci, Eric J. Nascone, Potter Anderson & Corroon LLP, Wilmington, DE; Stefan Atkinson, Mary T. Reale, Mason E. Reynolds, Joseph Taglienti, Kirkland & Ellis LLP, New York, NY; Michael F. Williams, Don Hong, Kirkland & Ellis LLP, Washington DC for appellees.
Case Number: 3, 2024
Court refused to enforce facially valid amended bylaws where board adopted them primarily to thwart stockholders' efforts to nominate opposing candidates to board.
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