Francis G.X. Pileggi ()
The Delaware Court of Chancery recently held in Rainbow Mountain v. Begeman that a pro se defendant was not effectively removed as a director, officer or member of a Delaware nonstock corporation, Rainbow Mountain Inc. This interesting opinion combines the theatrics of family drama with insight into a less common form of Delaware entity: the nonstock corporation. Unlike a typical corporation, Delaware nonstock corporations do not issue stock, and as with LLCs, those with ownership interests are referred to as “members.”
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