Case Studies in Closely Held Company Disputes
Delaware Court of Chancery Rejects Books and Records Request Crafted by Counsel Rather than Shareholder
Section 220 of the Delaware General Corporation Law authorizes a stockholder to demand to inspect a corporation’s books and records for any proper purpose. 8 Del. Code § 220. The statute defines a “proper purpose” as “a purpose reasonably related to such person’s interest as a stockholder.…
Illinois Supreme Court Confirms Significant Limitations on Corporate Personal Jurisdiction Post-Daimler AG, Illinois Appellate Court Follows Suit
In Aspen American Insurance Co. v. Interstate Warehousing, Inc., 2017 IL 121281, the Illinois Supreme Court made clear that the United States Supreme Court’s decision in Daimler AG v. Bauman, 571 U.S. 117 (2014) substantially narrowed the scope of general personal jurisdiction over corporate defendants in Illinois. …
Illinois Appellate Court finds Building Contractor is Without Legal Capacity to Bring Counterclaims 3 1/2 years after Dissolution
In Sienna Court Condominium Assoc. v. Champion Aluminum Corp., 2017 IL App. (1st) 143364, the Illinois First District Appellate Court determined that the “reasonable” time limitation applied to the right to participate in litigation and that 3 ½ years after dissolution was too long to wait before an LLC filed counterclaims.…