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Fortis Advisors Beats Dismissal Bid In $29M Suit Over Merger

Law360 (August 10, 2018, 8:46 PM EDT) -- Citing contract ambiguities, a Delaware vice chancellor on Friday declined to dismiss Fortis Advisors LLC's suit seeking $29.3 million in performance "milestone" payments to former stockholders of a biorefining venture acquired for $25.27 million by a Swedish renewable goods maker in 2014.

Fortis, which represents Virdia Inc. stockholders following the company's acquisition by Stora Enso AB in 2014, was accused by the buyer of relying on a "contrived timeline" for completion of merger goals. But Vice Chancellor Joseph R. Slights III said Friday that under contract law, Stora Enso was required to show in its motion to dismiss that the contract...

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