Legal Opinion
Auriga Capital Corp. v. Gatz Properties, LLC
Court of Chancery of Delaware
Decided January 27, 2012No. C.A. 4390-CSPublishedCited by 89 opinions
1Opinion of the Court
OPINION
STRINE, Chancellor.
I. Introduction
The manager of an LLC and his family acquired majority voting control over both classes of the LLC’s equity during the course of its operations and thereby held a veto over any strategic option. The LLC was an unusual one that held a long-term lease on a valuable property owned by the manager and his family. The leasehold allowed the LLC to operate a golf course on the property.
The LLC intended to act as a passive operator by subleasing the golf course for operation by a large golf management corporation. A lucrative sublease to that effect was entered…
2Cases cited44 opinions
- Pierce v. UnderwoodSupreme Court of the United States · 1988
- Meinhard v. SalmonNew York Court of Appeals · 1928
- Eastman Kodak Co. v. Southern Photo Materials Co.Supreme Court of the United States · 1927
- Nemec v. ShraderSupreme Court of Delaware · 2010
- Montclair v. RamsdellSupreme Court of the United States · 1883
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3Cited by89 opinions
- Gatz Properties, LLC v. Auriga Capital Corp.Supreme Court of Delaware · 2012
- Danenberg v. Fitracks, Inc.Court of Chancery of Delaware · 2012
- Zimmerman v. CrothallCourt of Chancery of Delaware · 2013
- Lawson v. State ex rel. Secretary of the Department of TransportationSupreme Court of Delaware · 2014
- Hoolahan v. IBC Advanced Alloys Corp.Court of Appeals for the First Circuit · 2020
84 more not listed; retrieve them via the Exa API.