The Delaware Court of Chancery has exclusive jurisdiction to oversee the dissolution of a Delaware LLC, a Philadelphia judge ruled in dismissing a petition by a faction of the feuding owners of The Philadelphia Inquirer to have the dissolution occur in the Philadelphia Court of Common Pleas.
Judge Patricia A. McInerney relinquished her jurisdiction in the case earlier this month in a one-page order. She detailed her reasoning in an opinion docketed Tuesday in the case of Intertrust GCN v. Interstate General Media. McInerney ruled the Delaware Limited Liability Company Act was designed to give great deference to the agreements forming LLCs in Delaware.
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