This Week in Chancery Court: Moelis SPAC Dispute, AT&T, Phunware

Billionaire investment banker Ken Moelis will learn this week whether the Delaware Chancery Court will advance allegations that he and other architects of Archer Aviation Inc.'s going-public merger stood by amid false claims that it was months from testing an electric, vertical-launch prototype.

Here’s a look at what else is coming up in court this week:

Monday: Hillblom v. Wilmington Trust Co., Del. Ch., No. 2021-1034, trial 7/21/25.

At issue: Claims leveled by a son of DHL Worldwide Express founder Larry Hillblom against a trustee appointed to manage his inheritance go to trial before Vice Chancellor Morgan T. Zurn. Wells Lory Hillblom sued Wilmington Trust Co. in 2021, alleging the trustee cost him $1.1 million by mishandling his inheritance. Zurn allowed Hillblom’s lawsuit to advance in a 2022 ruling that found it plausible for the trustee to be liable for failing to keep Hillblom in the loop as it fought over fees with the law firm that established his parentage. His trust allegedly ended up paying the firm $1.4 million after ignoring a $300,000 settlement offer.

Court action: A three-day trial begins Monday in Wilmington, Del.

Son of DHL Founder Lost at Sea Advances Claims Against Trustee

Monday: In re Archer Aviation, Inc. S’holder Litig., Del. Ch., No. 2024-0527, bench ruling 7/21/25.

At issue: Vice Chancellor Lori W. Will issues her decision on Moelis’ motion to dismiss claims that he and other architects of the merger duped the air-taxi startup’s investors with “wildly misleading” video footage. The investors leading the litigation have argued Moelis and the other defendants “have advanced no reason for this Court to depart from the long list of cases refusing to dismiss challenges to indisputably conflicted de-SPAC mergers.”

Court action: Will’s bench ruling will be delivered by teleconference.

Moelis Sued Over ‘Sham’ SPAC Deal to Take Archer Aviation Public

Tuesday: Nielsen Holdings Ltd. v. Nielsen Consumer, Inc., Del. Ch., No. 2025-0651, trial 7/22/25.

At issue: Vice Chancellor Nathan A. Cook fast-tracked some claims in a multi-pronged bid by Nielsen Holdings Ltd. affiliates to close the sale of a segment to Circana LLC, which is allegedly trying to renege over meddling by a former Nielsen affiliate. The media analytics giant is suing both Circana and Nielsen IQ, a consumer intelligence company—and direct competitor of Circana—that spun off in 2021.

Court action: A one-day trial will be held in Wilmington, Del.

Nielsen Opens Two Legal Fronts in Effort to Close Circana Deal

Wednesday: Gene Marshell Betts Revocable Tr. v. Phunware, Inc., Del. Ch., No. 2022-0168, post-trial arguments 7/23/25.

At issue: Investors sued Phunware Inc. and the leaders of the mobile marketing and cryptocurrency services business in 2022, alleging they had been wrongly subjected to a stock lockup clause after a 2018 reverse merger with a blank-check company. Vice Chancellor Nathan A. Cook narrowed the claims in a 2023 bench ruling, and the case went to trial in March on a single remaining claim of wrongful refusal to issue a stock certificate. Cook now hears closing arguments in the case.

Court action: Post-trial arguments will be heard in Wilmington, Del.

Phunware Sued by Angel Investors Challenging SPAC Stock Lockup

Wednesday: In re 2022 Cellular Tele. Coordinated P’ship Litig., Del. Ch., No. 2022-1078, hearing 7/23/25.

At issue: Consolidated litigation in which AT&T Inc. is accused of building its nationwide mobile network by exploiting control over its regional affiliates has gone through multiple rounds of mediation talks, according to a filing. But with no resolution reported to the court, Vice Chancellor J. Travis Laster will hear oral arguments on a pending motion to dismiss.

Court action: The hearing will be held in Wilmington, Del.

AT&T Accused of Exploiting Regional Affiliates to Build Network