The Delaware Court of Chancery, in Acela Investments, LLC, et al. v. Raymond DiFalco, et al. and Inspirion Delivery Sciences, LLC, et al., C.A. No. 2018-0558-AGB, memo. op. (Del. Ch. Apr. 27, 2020), approved the sale of an LLC by a Liquidating Trustee, rejecting an objection that the Trustee improperly rejected a bid for greater consideration, but which carried risk, submitted after a bidding deadline.
NEW: K&L Gates discusses the decision in Court Holds Trustee Did Not Abuse Discretion In Rejecting Competing Acquisition Proposal For Liquidated Entity’s Assets.
$$$ Law360 discusses the decision in Chancery Backs Trustee In Pharma Sale Despite 11th-Hour Bid.