The Delaware Supreme Court vacated a Chancery Court ruling that a common law “insolvency exception” to state corporation law eliminates a requirement for a stockholder vote before directors can transfer the company’s assets.
The unanimous decision by the five-member court removed an injunction approved by Vice Chancellor J. Travis Laster in December 2020 barring 3-D television tech venture Stream TV Networks Inc. from interfering in the company’s turnover without a stockholder vote to a creditor-controlled venture, SeeCubic Inc.
Stream TV Networks is represented by Andrew S. Dupre, Steven P. Wood, Stephanie H. Dallaire and Sarah E. Delia.