The Delaware Supreme Court upheld a UIP Cos. stock issuance that broke a deadlock between a commercial real estate investor and his late partner’s widow who sought to liquidate her stake in the company.
Delaware’s highest court ruled on the case en banc Wednesday to resolve whether the chancery court was correct to hold that the UIP board hadn’t acted improperly when it issued stock to a longtime employee, diluted plaintiff Marion Coster’s voting power, and rendered her petition for a company custodian moot. It had previously remanded to the Delaware Chancery Court for equitable review.
The opinion affirmed the ...
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