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.
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.
Description | Attorney | Witness | Presence | |||
---|---|---|---|---|---|---|
00:00:00 | Witness Direct Examination | Garley, R. | Olson, Mr. Brian | In Person | ||
01:26:13 | Break | |||||
01:40:02 | Witness Direct Examination | Garley, R. | Olson, Mr. Brian | In Person |
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