In the decision of Prokupek v. Consumer Capital Partners LLC, C.A. No. 9918-VCN (Dec. 30, 2014), the Court of Chancery rendered an opinion in which it denied inspection rights
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Section 220 Demand Denied for Failure to State Proper Purpose
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In the recent decision of Wolst v. Monster Beverage Corporation, C.A. No. 9154-VCN (Oct. 3, 2014), the Court denied plaintiff’s Section 220 books and records demand for failure…
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Books and Records Action: Chancery Examines Scope of Documents
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In the recent decision of Caspian Select Credit Master Fund, Ltd. v. Key Plastics Corp., Inc., C.A. No. 8625-VCN (Del. Ch. Sept. 3, 2014), the Court analyzed whether categories…
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Delaware LLC Books and Records Demand: Requested Documents Must Be “Narrowly Tailored” to a Proper Purpose
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Unlike a Section 220 request for books and records under the Delaware General Corporation Law (“DGCL”), the books and records provision of the Delaware LLC Act (Section 18-305) can be…
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Delaware LLC Books and Records Demand: Stating a “Proper Purpose”
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As discussed in the prior post, Section 18-305 of the Delaware Limited Liability Company Act (the “LLC Act”), allows any member or manager of a Delaware limited liability company…
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Delaware LLC “Books and Records” Demand
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A member or manager of a Delaware limited liability company may wish to obtain access to the company’s books and records. Such information can be useful in determining, for example,…
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The Scope of a Section 220 Books and Records Action
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Shareholders of a Delaware corporation have at their disposal the ability to demand inspection of the books and records of a Delaware corporation pursuant to Section 220 of the Delaware…
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Corporate Books and Records Actions in Delaware
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Imagine this scenario: you invested your hard-earned money into a Delaware corporation, hoping to obtain a profitable return on your investment. You have placed your trust in the management of…
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Court Severs Books And Records Action From Fiduciary Duty Claim
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In the case of The Ravenswood Investment Company, L.P. v. Winmill & Co. Inc., C.A. No. 7048-VCN (Del. Ch., Jan. 31, 2013), the Court of Chancery analyzed motions…
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Receiver Appointed for a Delaware Limited Liability Company Due to Contempt of Court Orders
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A recent decision by the Court of Chancery, Jagodzinski v. Silicon Valley Innovation Company, LLC, C.A. No. 6203-VCP (Del. Ch. Feb. 14, 2012), provides an informative analysis of…