Recent Corporate and Alternative Entity Decisions
Olson v. Halvorsen, et al., C.A. No. 1884-VCL, Lamb, V.C. (Del. Ch. May 13, 2009).
Plaintiff was the founder of a successful hedge fund and claimed he was entitled to payment for his equity interest upon having his association with the fund terminated. During trial, it was established that the parties had entered into an oral agreement providing that a departing member would only be entitled to accrued compensation and the balance of his capital account. The Court of Chancery held that the oral agreement was never superseded by another agreement and any subsequent writings only refined the agreement. As such, the Plaintiff was not entitled to any further payment beyond accrued compensation and his capital account.
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