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Court Of Chancery Discusses Special Conflict Committees

Posted In LLC Agreements

Allen v El Paso Pipeline GP Company LLC , C.A. 7520-CS (November 5, 2012)

This transcript is noteworthy for 2 reasons.  First, it reflects the Court's view that a conflict committee in an LLC must examine all the important aspects of a proposed transaction before a motion to dismiss will be granted based on the committee's approval of the deal under attack.  Second, the transcript shows the Court's respect for the NYSE definition of when a director is "independent."