Chancery Says Release From Co. In Receivership Binding
Law360, Wilmington (March 23, 2017, 9:00 PM EDT) -- A Delaware Chancery judge ruled Thursday that an indemnification agreement the former president of Southern China Livestock Inc., which was put into receivership after abandoning the U.S. markets, struck was binding and blocks him from breach of fiduciary duty claims from the company’s receiver.
In a 25-page opinion granting summary judgment in favor of former Southern China Livestock chief financial officer and president Shu Kaneko, Joseph R. Slights III compared the receiver’s argument that there were issues of fact over the indemnification agreement the former executive had signed to football’s “Hail Mary” pass play, and ruled that the deal is valid...
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