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WALKER v. RESOURCE DEV. CO. LTD., L.L.C.

C.A. No. 1843-S.

791 A.2d 799 (2000)

Randolph T. WALKER, Plaintiff, v. RESOURCE DEVELOPMENT COMPANY LIMITED, L.L.C. (DE), and William J. Cox, Jr., William C. Baron, William C. Liedtke, III, and Redeco Limited, L.L.C. (TX), Defendants.

Court of Chancery of Delaware, Sussex County.

Decided: August 29, 2000.

Attorney(s) appearing for the Case

Richard S. Phillips, Walsh & Phillips, Georgetown, for Plaintiff.

Frederick L. Cottrell, III, Jeffrey L. Moyer, Richards, Layton & Finger, Wilmington; Benjamin G. Chew, Patton Boggs, L.L.P., Washington, D.C., for Defendants.

OPINION

LAMB, Vice Chancellor.

I. INTRODUCTION

This is a post-trial opinion concerning the power of the members of a majority in interest of a Delaware limited liability company to remove the entity's other member and declare his interest forfeited. According to the managing member, on the same day he determined that the entity would not receive much needed financing from a source introduced by the fourth member, that other member disclosed...

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