Chancery Court Rules Against Enforcement of a Call Right Due to Failure to Tender the Contractual Consideration
By: Jill B. Louis and Gilbert A. Perales
In Simon-Mills II, LLC, et al., v. KanAm USA XVI Limited Partnership, et al., C.A. No. 8520-VCG (Del. Ch. March 30, 2017), the Court of Chancery denied Plaintiffs’ request to enforce its call right and granted Defendants’ request for declaratory judgment when the contracted consideration for the call right could not be tendered.