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Summary
In this oral argument before the Delaware Supreme Court, the attorney representing Lyn Merritt contested the Chancery Court's orders denying Ms. Merritt right to indemnification for counsel fees under operating agreements that she entered into with R&R Capital, LLC; removing her as managing member of ten Delaware limited liability companies; and holding her in civil contempt. In November 2005, R&R filed a civil complaint against Ms. Merritt in New York state court alleging mismanagement and fraud in her operation of the entities. R&R alleged fraud on the basis of Ms. MerrittÂ’s 2004 sale of three pinhooking horses of "inferior quality" in connection with her purchase of R&R's interest in the entities' thoroughbred race horse business.
Outcome
The Court of Chancery's judgement was affirmed.
- Plaintiff
- Defense
- Jurisdiction
- Delaware Supreme Court
- Court
- Delaware Supreme Court
- Case Number
- 144, 2011
- Industry
- Real Estate
- Practice Area
- Fraud, Real Property, Bankruptcy Law, Civil Procedure
- Expert Witnesses
- Lay Witnesses
Sessions
Recording Disclaimer: This proceeding was recorded in full.