Case Study ASB Allegiance V. Scion Breckenridge

Law360, New York (June 12, 2012, 12:55 PM EDT) -- Reformation is an equitable remedy that courts use to “reform” or correct a mistake in a written agreement, to conform it to what the parties actually intended their agreement to say. The Delaware Court of Chancery recently reformed the cash distribution waterfall provisions of the limited liability company agreements for three real estate joint ventures in ASB Allegiance Real Estate Fund v. Scion Breckenridge Managing Member LLC, No. C.A. No. 5843-VCL (Del. Ch. May 16, 2012).


Investors and a developer entered into five real estate...
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