June 05, 2020

Founder Coup Averted on Equitable Grounds: The Palisades Case

Founder Coup Averted on Equitable Grounds: The Palisades Case

June 5, 2020

The PEVC Committee is sponsoring a Breaking News Program on the Delaware Court of Chancery’s recent opinion in Palisades Growth Capital II, L.P. v. Backer and Backer and QLESS, INC., C.A. No. 2019-0931-VCL (Del. Ch. March 26, 2020). The Palisades case dealt with a dispute arising out of an effort by one of the defendants and the former CEO of QLESS to reassert himself and take control of the company through actions taken at a Board meeting. The plaintiff Palisades Growth Capital argued that as a result of certain steps that had been taken prior to the Board meeting, the defendant/CEO did not control the BOD at the time of the meeting and as a result the actions taken were invalid.

Panelists:

  • Jon Gworek (moderator), Morse, Waltham, MA
  • Brad Davey, Potter Anderson & Corroon, Wilmington, DE
  • Alyssa Ronan, Potter Anderson & Corroon, Wilmington, DE

Presented by: Private Equity and Venture Capital Committee

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