Chancery Confirms Arbitration Award In Agribiz Sale Saga

By Jeff Montgomery (January 20, 2022, 5:07 PM EST) -- Delaware's Chancery Court has upheld an arbitration award requiring legal fee advancements for founders and sellers of a now-insolvent agricultural commodities business, rejecting a challenge from buyers who alleged fraud in the sale and warned that a multimillion-dollar fee would threaten the business.

Vice Chancellor Joseph R. Slights III's letter decision — one of two issued in two related cases on Wednesday — confirmed an arbitrator's award in favor of legal fee advancements for private equity NGP X US Holdings LP and Agspring's two founders. All are facing a six-count suit that includes fraud, conspiracy and breaches of fiduciary and contract...

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