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New chancellor's fee decision disputed by TransPerfect lawyers


Delaware Business Now
Reading Time: 2 minutes
Citizens for a Pro-Business Delaware is criticizing a decision by newly sworn-in Chancellor Kathaleen McCormick over billing for services related to the sale of TransPerfect.
Lawyers for TransPerfect Global have requested a change on  Chancery Court Chancellor Kathaleen McCormick’s decision regarding  Skadden Arps’ past billing practices.
TransPerfect has asked for more detail on billing practices from the Chancery Court-appointed custodian of the company,  Robert Pincus, a former Skadden Arps partner, after being billed more than $44 million the past years.
A letter to McCormick stated  that “Pincus’s gamesmanship and bill churning continues with these motions and refusal to engage in discussions towards compromise solutions to outstanding issues… Encouraging and rewarding motion practice and scorched-earth tactics over compromise is the antithesis of judicial efficiency and has an antithetical resul ....

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Have Your Cake, And Closing Too: Invoking Prevention Doctrine, Delaware Chancery Court Grants Seller's Request For Specific Performance In COVID-Related M&A Dispute - Corporate/Commercial Law


Chancellor McCormick s opinion in
Chalking up a victory for
deal certainty, this post-trial decision resolves all
issues in favor of seller and orders the buyers to close on the
purchase agreement. In reaching this order, the court applied
the prevention doctrine, finding that the unavailability of
buyer s debt financing did not permit buyer to circumvent its
obligation to close because buyer materially contributed to the
debt financing being unavailable. The application of the prevention
doctrine in this context is noteworthy and raises some interesting
(albeit unanswered) questions as it relates to the remedy regime
that has become commonplace in deals with private equity buyers. ....

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A Win for Deal Certainty, Delaware Court of Chancery Orders Closing of Cake Supplier Acquisition | Goodwin


IN THIS ISSUE
A Win for Deal Certainty, Delaware Court of Chancery Orders Closing of Cake Supplier Acquisition; Under Armour to Pay $9M to Settle SEC Charges Involving Disclosure Failures; First Circuit Upholds Decision Applying Federal Securities Laws to Solicitation of Foreign Investors; Delaware Court of Chancery Applies Business Judgment Rule in Dismissing Buyout Action Against Icahn.

On April 30, 2021, in
Snow Phipps Group, LLC v. KCake Acquisition, Inc. (Del. Ch.), Chancellor Kathaleen S. McCormick issued an order compelling affiliates of Kohlberg & Company, LLC to close their planned $550 million acquisition of DecoPac Holdings Inc., a supplier of cake decorations and technology for use in supermarket bakeries. Opening with a quote from Julia Childs (“A party without cake is just a meeting”), the court describes the decision as a “victory for deal certainty” and offers a detailed analysis of several common contractual provisions, and their operat ....

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