Unfair Shipwreck Merger Is Unwound by Chancery Court

The wreck of a slave ship captured during the “golden age” of Atlantic piracy was the subject of an improper merger in 2018, a Delaware judge ruled Friday, ordering the merger unwound and restoring 49% ownership to minority shareholders.

In a colorful opinion detailing decades of bitter history between the parties, Vice Chancellor Nathan Cook of the Delaware Court of Chancery said the merger was unfair and replaced the parties’ pre-merger positions in the enterprise that owns whatever treasure has been or will be uncovered.

Cook noted that before approving the merger, the defendants never met with the board, ...