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AURIGA CAPITAL CORP. v. GATZ PROPERTIES

No. C.A. 4390-CS.

40 A.3d 839 (2012)

AURIGA CAPITAL CORPORATION, a Delaware corporation, Paul Rooney, Hakan Sokmenseur, Don Kyle, Ivan Benjamin and Glenn Morse, Plaintiffs, v. GATZ PROPERTIES, LLC, a Delaware limited liability company, and William A. Gatz, Defendants.

Court of Chancery of Delaware.

Decided: January 27, 2012.

Attorney(s) appearing for the Case

John L. Reed, Esquire , R. Craig Martin, Esquire , K. Tyler O'Connell, Esquire , DLA Piper LLP, Wilmington, Delaware, Attorneys for Plaintiffs.

Steven L. Caponi, Esquire , Elizabeth A. Sloan, Esquire , Blank Rome LLP, Wilmington, Delaware; Collins J. Seitz, Jr., Esquire , Seitz Ross Aronstam & Moritz LLP, Wilmington, Delaware, Attorneys for Defendants.

OPINION

STRINE, Chancellor.

I. Introduction

The manager of an LLC and his family acquired majority voting control over both classes of the LLC's equity during the course of its operations and thereby held a veto over any strategic option. The LLC was an unusual one that held a long-term lease on a valuable property owned by the manager and his family. The leasehold allowed the LLC to operate a golf course on the property.

The LLC...

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