In A Matter Of First Impression, Delaware Court Of Chancery Allows "Reverse Veil-Piercing" Theory To Proceed In Appraisal Judgment Enforcement Action
Shearman & Sterling
JUNE 2, 2021
On May 25, 2021, Vice Chancellor Joseph R. Slights III of the Delaware Court of Chancery partially denied a motion to dismiss claims brought by dissenting stockholder plaintiffs in a post-merger action to enforce an appraisal judgment. Manichaean Capital, LLC v. Exela Technologies Inc., C.A. No. 2020-0601-JRS (Del. Ch. May 25, 2021). The Court found that plaintiffs had adequately pleaded facts to allow a reasonable inference that the acquirer diverted funds from the acquiree's subsidiaries
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