Liebman v. Institutional Investors Trust

This appeal is from an order of the Court of Chancery denying a motion to intervene and terminating a corporate receivership.

The underlying dispute involves a rental property in Newark, Delaware. Liebman and Company (Liebman) is a tenant of the property on which Institutional Investors Trust (Investors) holds a second mortgage given by Chapel Main Corp.; the latter company conveyed the property (subject to the mortgage) to the present owner (and Liebman’s landlord), Chapelmain Associates (Chapelmain).

Chapelmain (and Chapel Main Corp.) defaulted on the mortgage payments and Investors began…