Visual Effects Co. Share Buyout Suit Kept Alive In Chancery

Law360 (March 26, 2020, 3:42 PM EDT) -- Delaware's Chancery Court on Wednesday kept alive two of six claims in a suit filed by two visual effects company employee-investors seeking enforcement of buyout offers for their membership units in Carbon Visual Effects LLC, finding that those offers were a form of option contract.

Vice Chancellor Katharine S. McCormick allowed one count alleging breach of contract by Carbon to continue moving toward trial, as well as one demanding specific performance by Carbon. Four counts were dismissed, however, including claims against Carbon's majority unitholder, White House Post Productions LLC, and a string of "John Does," as well as one alleging "gross and...

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