Delaware Unclaimed Property Audit Notices to Be Issued Within Days: Privately Held Companies a Focus

The Delaware Secretary of State announced in late August 2020 that his office was mailing nearly 200 letters to businesses identified as “holders” of unclaimed property. These Delaware-formed companies were deemed likely to be out of compliance in reporting dormant, abandoned or unclaimed property under Delaware law.The 200 holders –many of which are privately held companies– were afforded... Continue Reading

The Business Lawyer—Seventy-Five Years Covering the Rise of Alternative Entities

Morris Nichols attorneys Don Parsons, Jason Russell and Koah Doud contributed a look-back article on alternative entities to the 75th Anniversary edition of The Business Lawyer. Through the years, alternative entities have evolved in complexity and grown in popularity, particularly limited partnerships (“LPs”) and limited liability companies (“LLCs”). The authors start by examining... Continue Reading

District of Delaware Releases Jury Trial Restart Guidelines

The U.S. District Court for the District of Delaware issued Jury Trial Restart Guidelines today providing direction to litigants “in framing pre-trial discussions that will be required in order to conduct jury trials in a manner that protects health and safety as well as litigants’ rights” during the COVID-19 pandemic. The 8 pages of guidelines cover (1) identifying and assembling the... Continue Reading

2020 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

In its 2020 session, the Delaware legislature passed a number of amendments to the Delaware General Corporation Law and the Delaware “alternative entity” statutes—the Delaware Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act, the Delaware Revised Uniform Partnership Act and the Delaware Statutory Trust Act... Continue Reading

District of Delaware Anticipates Re-Opening Phase 2 as of September 15

The U.S. District Court for the District of Delaware modified its COVID-19 standing order today. The new order continued all civil and criminal jury selections and jury trials scheduled to begin before September 15, 2020. However, the Court intends to enter Phase 2 of the District’s Re-Opening Guidelines on September 15, 2020, assuming COVID-19 trends remain where they are as of today. Before... Continue Reading

Delaware Supreme Court Rules on “Necessary and Essential” Condition for LP Books and Records Demands

The Delaware Supreme Court recently decided the case of Murfey v. WHC Ventures, LLC, No. 294, 2019 (Del. July 13, 2020), which involved a dispute over whether the plaintiff limited partners were entitled to certain books and records under the partnership agreement in question.  Specifically, plaintiffs sought the Schedule K-1s of the other limited partners in the partnership purportedly for the... Continue Reading

Delaware Overreach? Chancery Criticizes Delaware’s Unclaimed Property Audit Program, Limits Information Holders Must Produce and Places Burden on the State to Show Voided Checks Are Unclaimed Property

Earlier this month, the Delaware Court of Chancery issued an opinion in Department of Finance v. AT&T, Inc., C.A. No. 2019-0985-JTL (Del. Ch., July 10, 2020). The opinion itself is narrow in scope but its result, and several of its findings regarding Delaware’s administration of its unclaimed property program, should be assessed carefully by holders and their advocates. The opinion may... Continue Reading

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