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Corinne Ball

On July 6, 2018, Vice Chancellor Travis Laster delivered a verdict for the plaintiffs in Basho Technologies v. Georgetown Basho Investors, No. 111802 (VCL) (Del. Ch. July 6, 2018). After a bench trial, the Delaware Chancery Court awarded approximately $20 million to former shareholders of Basho Technologies Inc. against a minority shareholder using its shareholder consent rights. The opinion explores whether, in the context of financial distress and an attempted rescue financing, minority shareholder consent rights can result in exercising “actual control over the business and affairs” of a corporation, which is the predicate for imposing fiduciary duties on a minority shareholder.

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