Delaware Supreme Court Upholds ‘Entire Fairness’ of a Tesla Acquisition
In re Tesla Motors Stockholder Litig., 2023 This was an appeal of an April 2022 Chancery Court opinion. At issue was the 2016 stock acquisition of SolarCity Corp. by Tesla Inc. Tesla’s shareholders claimed that Elon Musk caused Tesla to overpay for SolarCity through...
Bankruptcy Court Decides on Debtor Qualification as a ‘Small Business’ Under Chapter 11
In re Hillman, 2023 In this bankruptcy, ULM challenged the filing by the debtor, Michelle Corbin Hillman, that “the Debtor is ineligible to elect to proceed with her case under Subchapter V of Chapter 11 … because she is not a ‘person engaged in commercial or...
Appellate Court Affirms Value of Businesses and Tax Liability Issue
Pemberton v. Pemberton, 2023 Minn. App. Unpub. LEXIS 485; 2023 This is an appeal of the district court’s decree in a complex Minnesota divorce case. While a number of issues were appealed to and decided by the appellate court in this case, including spousal...
Rhode Island Supreme Court Affirms Value of Interest in Medical Practice Per Shareholder Agreement and Equitable Distribution of Assets in a Divorce Case
Cronan v. Cronan, 2024 In this Supreme Court of Rhode Island appeal of a divorce case decision from the family court, the supreme court, among other decisions, held that the marital estate was properly distributed, the husband’s interest in the medical imaging...
U.S. District Court Excludes Expert’s Testimony on Critique of Plaintiffs’ Damages but Allows Same Expert Testimony on His Damages Calculation
Rieves v. Town of Smyrna, 2024 Before the court in this economic damages case was the plaintiffs’ motion to exclude the testimony of the defendants’ retained expert, Robert Vance, CPA. The defendants sought to have Vance testify as an expert regarding the calculation...
U.S. District Court (New York) Rules Interest Rates on Loans Are Not Usurious
Golock Capital, LLC v. VNUE, Inc., 2023 “Golock Capital, LLC (Golock) and DBW Investments, LLC (DBW; together, Plaintiffs) issued seven loans in the form of convertible promissory notes to VNUE, Inc. (VNUE). Golock and DBW have sued VNUE for breach of its...
Nevada Appellate Court Affirms Value of Husband’s Business and His Separate Property Value in the Business
Mamone v. Mamone, 2023 Shane Mamone appealed from a district court order in a domestic matter. Shane incorporated his own construction company, SCM, in Las Vegas. He put forth significant effort to grow SCM, including making trips to Asia where he was able to obtain...
Illinois Appellate Court Affirms Valuation of Marital Business
In re Rozdolsky, 2024 In this complex Illinois divorce case, the appellate court wrestled with nine items of appeal from the husband. Included was an appeal by the husband of the value the trial court determined of the husband’s business, Harbortown Industries Inc....
Bankruptcy Appeals Panel Affirms Confirmation of Chapter 11 Plan Despite Objection of Largest Unsecured Creditor
Albaad USA, Inc. v. GPMI, Co. (In re GPMI, Co.), Bankr This case involved an appeal by a creditor in a bankruptcy case that objected to the approval by the Bankruptcy Court of the debtor’s (GPMI) Chapter 11 plan. Finding no error, the Bankruptcy Appeals Panel (BAP)...
Despite Rejection of Franchise Agreements in Bankruptcy, Debtor Remained Obligated Under Franchise Covenants Not to Compete
EllDan Corp. v. Steele (In re EllDan Corp.), 2023 The debtor, EllDan Corp., and Kevin Steele, the plaintiffs, contended that the covenants not to compete contained in franchise agreements between the debtor and the franchise, Fantastic Sams Franchise Corp., were...