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OLSON v. HALVORSEN

C.A. No. 1884-VCL.

982 A.2d 286 (2008)

Brian T. OLSON, Plaintiff, v. O. Andreas HALVORSEN, David C. Ott, Viking Global Investors LP, Viking Global Partners LLC, Viking Global Performance LLC, and Viking Global Founders LLC, Defendants. Viking Global Performance LLC, Daniel Cahill and Thomas Purcell, Defendant-Counterclaim Plaintiff and Third-Party Plaintiffs, v. Brian T. Olson, Plaintiff-Counterclaim Defendant and Third-Party Defendant-Counterclaimant.

Court of Chancery of Delaware.

Decided: October 22, 2008.

Attorney(s) appearing for the Case

Collins J. Seitz, Jr., Esquire, Meredith L. Gaudio, Esquire, Connolly Bove Lodge & Hutz LLP, Wilmington, Delaware; R. Scott Garley, Esquire, Jeffrey L. Nagel, Esquire, Mark W. Stoutenburg, Esquire, GIBBONS P.C., New York, NY, Attorneys for the Plaintiff, Counterclaim-Defendant and Third-Party Defendant-Counterclaimant, Brian T. Olson.

Martin P. Tully, Esquire, Jon E. Abramczyk, Esquire, John P. DiTomo, Esquire, Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, Delaware; Bruce Birenboim, Esquire, Susanna Buergel, Esquire, Paul, Weiss Rifkind, Wharton & Garrison LLP, New York, NY, Attorneys for Defendants and Counterclaim Plaintiffs.

OPINION AND ORDER

LAMB, Vice Chancellor.

This case arises from a dispute among the founders of a hedge fund regarding the appropriate amount owed to one of the founders upon his removal from the company. The LLC operating agreement that the removed founder relies upon in the contract claim of his lawsuit is unsigned. The unsigned operating agreement provides that upon leaving the company a founder is entitled to a multi-year earnout, in this case...

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