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Posted on February 22, 2009 by Francis G.X. Pileggi

Delaware Chancery Court Appoints Custodian for Deadlocked Corporation

Miller v. Miller, 2009 Del. Ch. LEXIS 16 (Feb. 10, 2009)(revised Feb. 17, 2009). This Delaware Chancery Court opinion appointed a custodian (for a limited time and with limited authority), for a corporation owned 50/50 by two brothers. The appointment was pursuant to Section 226 of the Delaware General Corporation... Continue Reading...

Tags: Chancery Court Updates, appointment, custodian, deadlock, section 226

Posted on February 20, 2009 by Francis G.X. Pileggi

Chancery Court Appoints Liquidating Trustee for Deadlocked LLC

Spellman v. Katz, (Del Ch., Feb. 6, 2009), read opinion here. This Delaware Chancery Court opinion involved the appointment of a liquidating trustee to wind-up the LLC where the two 50/50 owners were deadlocked and their Operating Agreement already provided for dissolution. The same vice chancellor issued a decision a... Continue Reading...

Tags: Chancery Court Updates, Section 18-803, contract binding even if not read, deadlock, derivative pleading for LLCs, liquidating trustee, section 18-802