Highlights & Analysis of Key Decisions from Delaware's Supreme Court & Court of Chancery
Rich v. Fuqi International, Inc., C.A. No. 5653-VCG (Del. Ch. June 12, 2013).
Issue Addressed: Should a receiver be appointed to enforce an order to hold an annual shareholders’ meeting pursuant to DGCL section 211? Answer: Yes.
Brief Background: The Court of Chancery previously ordered this company to hold a shareholders’ meeting…
Zutrau v. Jansing, C.A. No. 7457-VCP (Del. Ch. Mar. 18, 2013).
Issues addressed in this Court of Chancery opinion: (1) The right to have a receiver appointed for a solvent corporation based on allegations of fraud and breach of fiduciary duty of directors; (2) direct claim for breach of fiduciary duty in connection with…
Balch Hill Partners, L.P. v. Shocking Technologies, Inc., C.A. No. 8249-VCN (Del. Ch. Feb. 7, 2013).
Issue addressed: Whether expedited proceedings should be granted to consider the appointment of a receiver or custodian for an allegedly insolvent company pursuant to DGCL Sections 291 and 226? Short answer: Yes
Brief Overview
This letter…
In the Matter of Krafft-Murphy Company, Inc., C.A. No. 6049-VCP (Del. Ch. Feb. 4, 2013).
Issue Addressed
This case addresses a question of first impression in Delaware: Whether a receiver should be appointed more than 10-years after the dissolution of a Delaware corporation when the dissolved corporation’s only assets are liability insurance policies. The…
Jagodzinski v. Silicon Valley Innovation Company LLC, C.A. No. 6203-VCP (Del. Ch. Feb. 14, 2012).
Issue Addressed
The issue addressed in this case was whether the Court of Chancery should grant a Motion for Contempt and for the Appointment of a Receiver in connection with a failure to comply with a prior order entered…
Williams v. Calypso Wireless, Inc., C.A. No. 7140-VCL (Del. Ch. Feb. 8, 2012).
Issue Addressed
Whether it was appropriate to appoint a receiver to dissolve Calypso Wireless, Inc.?
Short Answer
The Court of Chancery appointed a receiver to dissolve Calypso and wind up its affairs in light of Calypso’s failure to comply with an order…
In the recent decision styled as: In The Matter of Krafft-Murphy Co., Inc., CA No. 6049-VCP (Del. Ch. Nov. 9, 2011), read opinion here, the Court addressed the unusual and novel issue of whether a receiver can be appointed under 8 Del. C. § 279 for a dissolved insulation company for claimants who suffered…
Techmer Accel Holdings, LLC v. Amer, C.A. No. 4905-VCN (Del. Ch. Dec. 29, 2010), read opinion here.
Issues Addressed
This 36-page opinion from the Delaware Court of Chancery involved the appointment of a receiver pursuant to Section 17-805 of the Delaware Limited Partnership Act in order to oversee the winding up of the limited…
Ross Holding and Management Co. v. Advance Realty Group, LLC, C.A. No. 4113-VCN (Del. Ch. Sept. 2, 2010), is a Court of Chancery decision that addresses a motion to amend a complaint to request the appointment of a receiver for an LLC after a certificate of cancellation was filed. A more complete summary of this…
In the Matter of Dow Chem. Int’l Inc. of Delaware, 2008 Del. Ch. LEXIS 147 (Oct. 14, 2008). The Chancery Court in this opinion rejected a request to appoint a receiver for a dissolved corporation pursuant to Section 279, primarily in light of the company having been dissolved 20 years ago and not having any…