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Corporations Keyed to Rhee
CML V, LLC v. Bax
Citation:
28 A.3d 1037 (Del. 2011)Facts
JetDirect was a private jet management and charter company. It acquired a number of small to mid-sized competitor charter and service companies. JetDirect’s board of managers learned about serious deficiencies in its accounting system. JetDirector’s auditor informed the officers of various weaknesses and deficiencies in internal controls. Later, JetDirect’s new auditor – Ernst & Young LLP – declined to complete its audit because JetDirect’s internal controls lacked sufficient integrity and the auditor could not rely on JetDirect’s internal accounting books. CML loaned JetDirect $24,243,912 and became a junior secured lender. JetDirect defaulted on its loan to CML.
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