The Delaware Supreme Court heard oral argument last week on the appeal of a decision by the Delaware Court of Chancery that imposed default fiduciary duties on the manager of a Delaware LLC.  The caption in the Supreme Court is styled as Gatz Properties v. Auriga Capital Corp.  Audio of the oral argument is available here. Courtesy of Professor Larry Hamermesh, Director of The Institute of Delaware Corporate and Business Law, we have a synopsis of the oral argument and a prediction of the outcome from Delaware’s High Court. Our review of the trial court’s opinion is available here, and the post-trial award of fees was highlighted on these pages here.

Supplement: Tom Hals of Thomson Reuters penned an article about the oral argument with reference to comments attributed to the Chief Justice and including a link to the appellant’s brief which quotes from this blog’s post on the trial court’s opinion.