In re Coinmint, LLC
Annotate this Case
The Court of Chancery held that it lacked subject matter jurisdiction to dissolve or to declare the proper managers of a foreign entity.
This dispute involved a company formed by two friends - a sweat equity partner and a financial partner - that was converted to a Puerto Rican limited liability company in 2018. When the financial member leveraged its majority interest to unilaterally amend the operating agreement and remove the sweat equity partner from his managerial role the sweat equity member challenged its dilution, the conversion, and the partner's removal from management. The sweat equity member further requested an order dissolving the company. The Court of Chancery held (1) the company's conversion to a Puerto Rican entity stripped the Court of Chancery of statutory jurisdiction to declare the company's present managers and to order judicial dissolution; and (2) the Court was without subject matter jurisdiction to work an equitable dissolution of a Puerto Rican entity.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.