Del. Judge Sends Demolition Cos.' Merger Suit Toward Trial

By Cara Salvatore (January 2, 2020, 9:27 PM EST) -- Two private equity-owned demolition and salvage giants that merged in an unusually structured transaction must proceed toward trial over competing claims that each company misstated its financial health before the deal, a Delaware Chancery Court judge has decided.

Vice Chancellor Sam Glasscock III ruled Dec. 31 on various summary judgment motions in the suit arising from the failure of the NorthStar company and found a trial was needed to settle a question of first impression, among other issues.

The companies that merged to create NorthStar in 2014, LVI Group and NCM Group, each left behind a husk version and those husk parents owned...

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