The Delaware Court of Chancery, in Williams Field Services Group, LLC v. Caiman Energy II, LLC, et al., C.A. No. 2019-0350-JTL, memo. op. (Del. Ch. Sept. 25, 2019), found LLC Agreement provisions permitting an LLC member to unilaterally take actions required to facilitate a “Qualified IPO” did not permit amendment of the definition of “Qualified IPO.”
NEW: K&L Gates discusses the decision in Delaware Court Of Chancery Limits Member’s Sole And Exclusive Right To Cause Company To Undertake A Qualified IPO To Mere Right Of Approval.
Morris James discusses the decision in Chancery Blocks Natural Gas IPO.