The Delaware Court of Chancery, in Nicholas Day v. Diligence, Inc., C.A. No. 2020-0076-SG, letter op. (Del. Ch. May 7, 2020), rejected an objection to advancement of legal expenses incurred before plaintiff submitted an undertaking to repay, finding it inconsistent with 8 Del. C. § 145(e).
NEW: Morris James discusses the decision in Chancery Declines to Follow Transcript Ruling, Finds Plaintiff is Entitled to Advancement of Fees Incurred in Underlying Action Pre-Undertaking.
Francis Pileggi discusses the decision in Advancement Allowed Prior to Date of Undertaking.