Delaware Secretary of State Office Closure: September 3 – September 8
The Office of the Secretary of State of the State of Delaware will close for business at 4:30 p.m. on Thursday, September 3, 2015, and will reopen at 8:00 a.m. on Tuesday, September 8, 2015.
Hill International, Inc. v. Opportunity Partners L.P.: Delaware Supreme Court Affirms Court of Chancery’s Grant of Mandatory Injunction and Provides Guidance on Drafting Advance Notice Bylaws
In Hill International, Inc. v. Opportunity Partners L.P., the Delaware Supreme Court affirmed the Court of Chancery’s grant of mandatory injunctive relief enjoining Hill International, Inc. from conducting any business at its 2015 annual meeting, other than convening the meeting for the sole purpose of adjourning it for a minimum time period, in order to permit Opportunity Partners, the stockholder-plaintiff, to present certain items of business and director nominations at Hill’s 2015 annual meeting.
Delaware Softens Unclaimed Property Audit Posture
In the two decades subsequent to the UnitedStates Supreme Court decision in Delaware v.New York, Delaware maintained what was generallyrecognized as the broadest and most aggressiveabandoned and unclaimed property auditprogram in the country. In Delaware v. New York,the United States Supreme Court confirmed thestate of incorporation as the second priority stateas it relates to state’s…
Delaware Supreme Court Provides Guidance on Drafting Advance Notice Bylaws
On July 2, 2015, the Delaware Supreme Courtin Hill International, Inc. v. Opportunity PartnersL.P., affirmed the Court of Chancery’s orderenjoining Hill International, Inc. (Hill) from conductingany business at its 2015 annual meeting,other than convening the meeting for the solepurpose of adjourning it for a minimum timeperiod necessary to allow Opportunity PartnersL.P. (Opportunity), the stockholder-plaintiff, topresent items…
Amendments to Delaware’s LLC and Partnership Acts Adopted
Delaware has recently adopted legislation amending the Delaware Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act and the Delaware Revised Uniform Partnership Act.
Delaware Governor Jack Markell Signs Legislation Amending the Delaware General Corporation Law
Senate Bill 75, which contains several important amendments to the General Corporation Law of the State of Delaware, was signed by Delaware Governor Jack Markell on June 24, 2015.
Significant Changes in Delaware Unclaimed Property Administration Proposed
On Tuesday, June 16, 2015, Delaware Senate Bill 141 was introduced to the Delaware General Assembly proposing many significant changes to the existing Delaware unclaimed property audit and administration regime.
PA Bankruptcy Court Rules in In re Merritt
The Bankruptcy Court for the Eastern District of Pennsylvania (the Honorable Jean K. FitzSimon presiding) recently declined to decide whether a chapter 13 debtor can be granted standing to prosecute a fraudulent transfer claim on behalf of its estate under Official Committee of Unsecured Creditors of Cybergenics Corp. v. Chinery, 330 F.3d 548 (3d Cir. 2003)…
Lawyer Cannot Discharge Client’s Claim Based on Funds Stolen by Lawyer
In a recent decision, the Ninth Circuit Court of Appeals held that a debtor-attorney could not use the unclean hands doctrine to render dischargeable a former client’s claim based on the lawyer’s misappropriation of funds entrusted to him by the former client. See Northbay Wellness Group, Inc. v. Beyries, No. 13-17381 (9th Cir. June 5, 2015).…
Court Adopts ‘Time’ Approach in Applying Section 502(b)(6) Cap
U.S. Bankruptcy Judge Kevin J. Carey of the District of Delaware’s recent opinion in In re Filene’s Basement LLC, Case No. 11-13511 (KJC), has provided long-awaited guidance on the application of Section 502(b)(6) of the Bankruptcy Code to lease rejection damages claims in the bankruptcy context. Perhaps most significantly, the court concluded that the “15 percent”…