October 26, 2011 | Delaware Business Court Insider
No HeadlineIn the Aug. 31 case DFG Wine Co. LLC v. Eight Estates Wine Holdings LLC , the Delaware Court of Chancery considered the question of the right of a limited liability company member to inspect the books and records of the company's subsidiary. In this post-trial letter opinion, the court granted an LLC member the right to inspect certain books and records of the company's subsidiary even though neither the Delaware Limited Liability Company Act (LLC Act) nor the LLC agreement expressly give it that right.
By Barry M. Klayman and Mark E. Felger Special to the DBCI
6 minute read
September 21, 2011 | Delaware Business Court Insider
Affirming Creditor's Lack of Derivative Standing, Supreme Court Underscores Plain Meaning of LLC ActEarlier this month, in CML V LLC v. Bax , the Delaware Supreme Court held that a creditor of an insolvent limited liability company lacks standing under the Delaware Limited Liability Company Act to bring a derivative action against the LLC's former managers.
By Barry M. Klayman and Mark E. Felger Special to the DBCI
7 minute read
May 09, 2012 | Delaware Business Court Insider
Safe Harbor Unavailable for Payments to Collateralize Letter of Credit in Bond RedemptionSection 546(e) of the Bankruptcy Code has engendered more than its fair share of litigation. Section 546(e) provides a safe harbor to exempt certain types of financial contracts from the reach of the automatic stay and the avoidance powers of the code.
By Barry M. Klayman and Mark E. Felger
7 minute read
February 25, 2005 | The Legal Intelligencer
3rd Circuit: Secured Creditor Entitled to Collateral and ProceedsIn Stanziale v. Finova Capital Corp., the 3rd U.S. Circuit Court of Appeals addressed whether a secured creditor in a Chapter 7 bankruptcy may recover insurance proceeds for damage to certain collateral which had previously been repaired and returned to the lender.
By Mark E. Felger and Jeffrey R. Waxman
9 minute read