The Delaware Court of Chancery, in Stream TV Networks, Inc. v. Seecubic, Inc., C.A. No. 2020-0766-JTL, memo. op. (Del. Ch. Dec. 8, 2020), ruled that 8 Del. C. § 271 does not require stockholder approval for a transfer of all or substantially all of an insolvent corporation’s assets to secured creditors in lieu of formal foreclosure proceedings.
NEW: Locke Lord discusses the decision in Delaware Decision Has Lessons For Lenders and Others.
Keith Bishop discusses the decision in Is There No Protection For The Innocent When A Corporation Transfers All Its Assets To Secured Creditors?
Keith Bishop discusses the decision in V.C. Laster Says Stockholder Approval Is Not Required, What Would California Say?
Francis Pileggi discusses the decision in Chancery Explains Proper Methods to Expand Board Size and to Fill Board Vacancies.
$$$ Law360 discusses the decision in 3D TV Tech Co.’s Assets Can Be Turned Over, Chancery Says.