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Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, discuss a recent decision in the Delaware Court of Chancery refusing to appoint a custodian pursuant...
Barry Klayman and Mark Felger, writing in the Delaware
Business Court Insider, discuss a recent decision in the
Delaware Court of Chancery refusing to appoint a custodian pursuant
to Delaware General Corporation Law Section 226(a)(3) to continue
the business of a defunct corporation. Although the vice
chancellor denied the petition based on the language of the
statute, his opinion appears to abandon the court's previous
policy against permitting the revival of defunct Delaware
corporations for use as blank check companies.
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