Legal Opinion
Bernstein v. TractManager, Inc.
Court of Chancery of Delaware
Decided December 20, 2007No. C.A. 2763-VCLPublishedCited by 47 opinions
1Opinion of the Court
OPINION
LAMB, Vice Chancellor.
This advancement action arose after the conversion of a limited liability company into a corporation. In that context, the court is asked to determine whether the corporation’s bylaws providing a mandatory right of advancement to its officers and directors should be read to apply equally to the former managers of the LLC, even where the LLC’s operating agreement provided for indemnification but not for mandatory advancement.
The court concludes that the right to indemnification or advancement for claims that arose during the life of the LLC continues to be governed…
2Cases cited16 opinions
- Homestore, Inc. v. TafeenSupreme Court of Delaware · 2005
- United Vanguard Fund, Inc. v. TakeCare, Inc.Supreme Court of Delaware · 1997
- Hibbert v. Hollywood Park, Inc.Supreme Court of Delaware · 1983
- Fasciana v. Electronic Data Systems Corp.Court of Chancery of Delaware · 2003
- Majkowski v. American Imaging Management Services, LLCCourt of Chancery of Delaware · 2006
11 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Paolino v. MacE Security International, Inc.Court of Chancery of Delaware · 2009
- Scott Pontone v. Milso Industries CorporationCourt of Chancery of Delaware · 2014
- Kramer v. Liberty Property TrustCourt of Appeals of Maryland · 2009
- Marino v. Patriot Rail Company LLCCourt of Chancery of Delaware · 2016
- Kansas City University of Medicine & Biosciences v. PletzMissouri Court of Appeals · 2011
42 more not listed; retrieve them via the Exa API.