The Delaware Court of Chancery has ordered a British public limited liability company to pay its joint venture partner $3 million in damages after the entity transferred all of its assets, including those related to the struggling joint venture, to a newly-formed Canadian company and then sold the new company for $100 million, an act the court ruled was an usurpation of corporate opportunity and breach of fiduciary duties. The court also rejected the British entity's request to dissolve the joint venture until it repays the damages.
Chancery Denies Joint Venture Dissolution Motion in Asset Transfer Dispute
Delaware Business Court Insider
January 30, 2013
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