Creditors of Stream TV Networks Inc. validly appointed a subsidiary’s sole board member, a Delaware judge said Tuesday, several months after the state’s top court ruled for founders of the insolvent 3D technology business in a related case.
Vice Chancellor J. Travis Laster granted partial summary judgment for Hawk Investment Holdings Ltd., rejecting each of the arguments by Stream, which has been under the precarious control of founders Mathu and Raja Rajan since a highly technical ruling by Delaware’s justices in June.
Laster, writing for Delaware’s Chancery Court, acknowledged that Hawk had assigned its rights in Stream and the subsidiary, ...
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