Olson v. Halvorsen

VERDICT

Trial
11/10/08 – 12/09/08

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

Post-trial oral arguments after Vice Chancellor Lamb ruled the statute of frauds applied to an LLC agreement.

Brian Olson was one of three co-founders of long/short equity hedge fund Viking Global Management, along with David Ott and Andreas Halverson. Olson sought to recover pursuant to a termination provision in an LLC agreement that provided for various equity and income splits among the three owners, but gave Halverson majority rights.

Viking generated revenue by charging a 1.5% management fee for funds invested, plus 20% of any profits gained.

Outcome

Found that if an LLC agreement contains a provision or multiple provisions which cannot possibly be performed within one year, such provision or provisions are unenforceable.

Sessions

AM Session
Not in Session
0 Chapters
PM Session
Not in Session
0 Chapters
NOV
11
AM Session
Defense Witness(es)
3 Chapters
PM Session
Defense Witness(es)
2 Chapters
DEC
1

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