‘Delaware Law Continues to Eat the World’

“I’ve previously expressed concern about Delaware organizational law intruding into other states’ spaces. A new entry into the genre is VC Slights’s opinion in AG Resource Holdings, LLC, et al v Thomas Bradford Terral. In AG Resource Holdings, Thomas Terral cofounded an LLC called AG Resource Management. The business was eventually bought out by a private equity firm and restructured as a holding company, AG Resource Holdings LLC, that wholly owned the operating subsidiary, AG Resource Management LLC. Terral was designated as one of several managers of the LLCs, and also was an officer …” (more)

[Ann Lipton, Business Law Prof Blog, 20 February]

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