Paper Manufacturer Cautions Chancery Of Doc Bid ‘Floodgate’

Law360, Wilmington (January 15, 2020, 9:54 PM EST) -- Paper producer Verso Corp. cautioned a Delaware vice chancellor Wednesday the Chancery Court could open a “floodgate” of similar records requests if it grants an investor’s bid for documents detailing a proposed $400 million deal to sell two paper mills as a board proxy fight rages on.

During a half-day trial in Wilmington in front of Vice Chancellor Kathaleen S. McCormick, Verso argued the request by shareholder Lapetus Capital II LLC, an affiliate of private equity business Atlas Holdings LLC, is intended to advance Lapetus’ board proxy challenge and help candidates it supports win an upcoming election.

“It would open a...

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