In a rare example of the Court of Chancery denying a a former corporate officer’s advancement claim–after an initial decision granting it–the court changed its prior opinion, after a complaint in the underlying case was amended to limit the underlying claims at issue to post-employment breach of contract claims, and based on that amendment the
LLC Act
Chancery Rejects Claims of Departing Member of LLC Who Co-Founded Hedge Fund
By Francis Pileggi on
Posted in Chancery Court Updates
Olson v. Halvorsen, No. 1884-VCL (Del. Ch., May 13, 2009), read opinion here
Two prior Delaware Chancery Court opinions in this case were previously summarized here.
This most recent iteration of a bitter dispute between three co-founders of a hedge fund addressed whether a departing member of an LLC was only entitled to…