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Business Organizations Keyed to Cox
Solar Cells, Inc. v. True North Partners, LLC
Citation:
2002 WL 749163Facts
Solar Cells was founded by Harold A. McMaster. True North was brought in to provide needed financing. Solar Cells and True North formed First Solar to commercialize McMaster’s solar technology. First Solar is managed pursuant to the operating agreement of First Solar, LLC. On March, 2002, the True North Managers executed a written consent approving the challenged merger of First Solar into FSO. Solar Cells received notice of the proposed merger. The merger would occur based on a total valuation of First Solar at $32 million with First Solar ownership units being exchanged for ownership units of the surviving company. On March, 2002, Solar Cells filed a complaint and request for temporary restraining order enjoining consummation of the proposed merger.
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