Chancery Rules Tilton Grab Of Stila Styles Invalid
By Leslie A. Pappas (May 31, 2022, 10:20 PM EDT) -- A Delaware judge ruled Tuesday that turnaround mogul Lynn Tilton's takeover of cosmetics company Stila Styles LLC in 2017 was invalid but stopped short of saying who the manager should be, leaving in limbo a Chapter 11 effort to appoint Kevin Carey, a retired bankruptcy judge, as manager of the cosmetics business.
In a 42-page post-trial opinion, Vice Chancellor Joseph R. Slights III found that Tilton violated Stila's LLC agreement in 2017 when she purported to create a new class of units that gave her unilateral power to remove the company's manager because Tilton failed to get consent from the sole common...
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