The Delaware Court of Chancery has appointed a liquidating trustee to oversee the windup of a credit and debit card processing venture between Comerica Bank and Global Payments Direct Inc. In the opinion, the court concluded differences on how the parties sought to dissolve the venture, a Delaware limited liability company, required the appointment of a trustee.
“In short, the record amply demonstrates that the parties are deeply divided over the windup of [the venture] and, in particular, that Global has been unwilling to conduct the windup process in an orderly and timely manner,” said Chancellor Andre G. Bouchard in Comerica Bank v. Global Payments Direct.
