Most states' limited liability company statutes contain provisions authorizing indemnification and advancement of legal expenses incurred by managers, officers, and other controlling persons resulting from lawsuits against them in their capacity as such. Generally, these provisions allow the LLC to reimburse (indemnify) these "covered persons" for any legal expenses, except where the court finds bad faith, gross negligence, or some other "bad act," and companies may go a step further and pay such expenses during the pending litigation (advancement), provided that if the covered person is found to have committed a "bad act," the advanced funds must be repaid.
Martin Lipton, inventor of the "poison pill" and co-founder of the law firm of Wachtell, Lipton, Rosen & Katz, spoke at the Corporate Law Institute last week, with
Details at bergerharris.com.
Details can be found at bergerharris.com.
In several recent decisions, the Delaware Court of Chancery addressed a number of issues relating to mergers and acquisitions and debt and equity financings. In In re Orchard Enterprises, Inc.
Berger Harris partner Lisa Stark has been published in Business Law Today, a publication of the American Bar Association.
Harvard Law School's Forum on Corporate Governance and Financial Regulation has published a revised version of "Top Ten 2013 Delaware Corporate and Commercial De
Delaware Law Weekly is reporting that the Honorable Leo Strine has been confirmed by the Delaware General Assembly as the next Chief Justice of the