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Court Of Chancery Interprets Contract Rights Under Commercially Rational Test

QC Holdings Inc. v. Allconnect Inc., C.A. 2017-0715-JTL (August 27, 2018)

This decision on a undisputed factual record interpreted a contractual right to put stock by rejecting one side’s argument as “commercially irrational.”  It also held that the valid exercise of the put made the holder a creditor of the company entitled to enforce the put against the surviving party of a merger.

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