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ASB ALLEG. REAL EST. v. SCION BRECKENRIDGE

C.A. No. 5843-VCL.

50 A.3d 434 (2012)

ASB ALLEGIANCE REAL ESTATE FUND, Ebref Holding Company, LLC, and Dwight Lofts Holdings, LLC, Plaintiffs, v. SCION BRECKENRIDGE MANAGING MEMBER, LLC, Scion 2040 Managing Member, LLC, and Scion Dwight Managing Member, LLC, Defendants.

Court of Chancery of Delaware.

Decided: July 9, 2012.

Attorney(s) appearing for the Case

John L. Reed , Scott B. Czerwonka , DLA Piper LLP (US), Wilmington, Delaware; Bruce E. Falby , Bruce S. Barnett , Justin A. Brown , DLA Piper LLP (US), Boston, Massachusetts; Attorneys for Plaintiffs.

Gregory P. Williams , Kelly E. Farnan , Richards, Layton & Finger, P.A., Wilmington, Delaware; Kenneth T. Brooks , Richard J. Zecchino , Honigman Miller Schwartz and Cohn LLP, Lansing, Michigan; Attorneys for Defendants.

OPINION

LASTER, Vice Chancellor.

By opinion dated May 16, 2012, affiliates of ASB Capital Management, LLC (collectively "ASB") obtained reformation of three limited liability company agreements (the "LLC Agreements") governing real estate joint ventures with affiliates of The Scion Group, LLC (collectively "Scion"). See ASB Allegiance Real Estate Fund v. Scion Breckenridge Managing Member, LLC,<...

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