Capital Link Fund I, LLC v. Capital Point Mmgt., LP
Annotate this CaseIn this case, the parties contested control of certain assets. Plaintiffs brought this action against Defendants for breach of a partnership agreement, breach of the covenant of good faith and fair dealing, equitable rescission, breach of fiduciary duties, aiding and abetting breach of fiduciary duties, fraud, and civil conspiracy to commit fraud. Defendants sought implementation of a status quo order permitting a defendant-corporation to disburse funds for two distinct purposes: for payment of “administration fees” and for payment of legal fees to defend itself in this case. Plaintiffs sought implementation of a status quo order preventing these additional disbursements. The Court of Chancery (1) approved Defendants’ request to pay administration fees, holding that the administration fees were necessary to maintain the assets in the defendant-corporation’s control; and (2) rejected Defendants’ request to pay their legal fees with the disputed assets.
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