The Delaware Court of Chancery, in Kieran Walsh, et al. v. White House Post Productions, LLC, et al., C.A. No. 2019-0419-KSJM, memo. op. (Del. Ch. Mar. 25, 2020), interpreted an LLC Agreement provision giving the LLC a right to buy plaintiffs’ units as a call option that the LLC conceivably exercised, forming a contract it could not terminate.
NEW: Gibson Dunn discusses the decision in Chancery Holds Buyout Provision in LLC Agreement to Be a ‘Call Option’ and Irrevocable Following Exercise.
K&L Gates discusses the decision in Chancery Court Rules That LLC Unit Buyout Provision Operated As A Call Option.
Morris James discusses the decision in LLC May Not Reverse Decision to Enter into Contractual Call Option Buyout Process with Members.
DealLawyers.com discusses the decision in Del. Chancery Says No Turning Back After Buyout Notice.
$$$ Law360 discusses the decision in Visual Effects Co. Share Buyout Suit Kept Alive In Chancery.