- The amendments refine
Moelis and its Aftermath: Recent Case Law and Statutory Developments Addressing the Ability of Stockholders to Manage Corporations through Stockholder Agreements
By Carl D. Neff on
This article was written by Jim Rosenbluth and Carl Neff of Pierson Ferdinand LLP.
Delaware has long maintained its status as the mecca for U.S. corporations, with over 50% of all publicly listed corporations incorporated there. Devoted exclusively to the adjudication of business disputes and known for having developed a widely cited and extensive body…
Summary of 2023 Amendments to the Delaware General Corporation Law
By Carl D. Neff on
On August 1, 2023, amendments to the Delaware General Corporation Law (“DGCL”) went into effect, simplifying processes for Delaware corporations to take specific corporate actions. The changes focus on authorizing certain stock splits and altering a corporation’s authorized shares.
Key points of the amendments:
Section 242 – Amendments to Certificate of Incorporation:
Stockholder approval is…
Delaware Court of Chancery Issues Revised Guidelines for Persons Litigating in the Court of Chancery
By Carl D. Neff on
On August 5, 2021, the Delaware Court of Chancery issued revised Guidelines for Persons Litigating in the Court of Chancery. According to the Court’s press release, the Guidelines “review the expectations for remote and courtroom hearings and trials and offer best practices for litigating cases in the Court of Chancery.” These Guidelines are a…
Amendments to Delaware Alternative Entity Statutes Add “Necessary and Essential” Test to Books and Records Inspection Demands
By Carl D. Neff on
Effective August 1, 2021, the Delaware Limited Liability Company Act (“LLC Act”), the Delaware Revised Uniform Limited Partnership Act (“LP Act”) and the Delaware Revised Uniform Partnership Act (“Partnership Act”) have been amended to require that the “necessary and essential” standard apply to books and records inspection demands made under statutory or contractual grounds, subject…
Delaware Court of Chancery Extends the Permitted Use of Unsworn Declarations to September 30, 2021
By Carl D. Neff on
On July 12, 2021, the Court of Chancery issued Standing Order No. 6. The standing order extends the permitted use of unsworn declarations, verifications, certificates, statements, oaths, or affidavits in filings with the Court of Chancery, pursuant to 10 Del. C. § 3927, until September 30, 2021.
Citing that many law firms and…
Jury Trials to Resume in the District of Delaware, Subject to Discretion of the Judge
By Carl D. Neff on
The United States District Court for the District of Delaware recently issued a Jury Trial Notice on April 5, 2021, stating that jury trials will resume, subject to the discretion of each individual judge as to whether and when any particular case will proceed to trial.
Previously, on February 5th, the Chief District Court Judge…
District of Delaware Orders New Procedures for the Filing, Service, and Management of Highly Sensitive Documents
By Carl D. Neff on
On January 29, 2021, Chief Judge Leonard P. Stark issued a Standing Order setting forth new procedures for the filing, service, and management of highly sensitive documents, defined as “HSD”. The Standing Order was issued in response to recent widespread disclosures of breaches of both private sector and government computer systems.
As the Order makes…
Court of Chancery Amends Various Rules Pertaining to Trust Accountings and Guardianship Proceedings
By Carl D. Neff on
According to a recent announcement, the Delaware Court of Chancery amended various rules to match current practices in the Court and to clarify the Court’s expectations. The Court amended Rules 79, 89, 114, 176, and 180-B. A summary of the changes, as set forth in the announcement, are set forth below:
- Rule 79 is
…
Congress Extends and Modifies Paycheck Protection Program (PPP)
By Carl D. Neff on
My colleagues Kevin Gluntz and Paul D. Economon authored an insightful article on the extension and modification of the Paycheck Protection Program (PPP), titled Client Alert – PPP Re-Run! The contents of the article are set forth below.
Congress Extends and Modifies Paycheck Protection Program
After significant and inexplicable delays, Congress has agreed on the…