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Summaries and analysis of recent Delaware court decisions concerning business-related litigation.
- Chancery Finds Plaintiff Failed To State A Non-Exculpated Claim Against Special Committee Defendants In Complaint Challenging A Merger
- Chancery Finds Stockholder Conferred a Substantial Corporate Benefit by Challenging the Joint Vote of Two Classes of Common Stock under Section 242(b)(2) of the DGCL
- Court of Chancery Awards Plaintiffs Attorneys’ Fees and Costs in Section 225 Action for Obtaining a Substantial Benefit for the Corporation and its Stockholders
Morris James Blogs
Court of Chancery Denies Application for Receiver
By Morris James LLP on September 23, 2008
Posted In Dissolution
Weir v. JMACK Inc., C.A. 3263-CC (Del. Ch. Sept. 23, 2008)
This decision repeats the settled Delaware law that the Court of Chancery will not appoint a receiver for a solvent Delaware corporation absent extraordinary circumstances. Of course, having a court tell the world that your tax evasion is not "extraordinary" justification for a receiver may have been punishment enough.
Tags: Case Summaries, DissolutionShare
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