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Business Associations Keyed to Bainbridge
Fisk Ventures, LLC v. Segal
Citation:
984 A.2d 124 (Del. 2009)Only StudyBuddy Pro offers the complete Case Brief Anatomy*
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Genitrix, LLC is a Delaware limited liability company formed to develop and market biomedical technology. Dr. Segal founded the company in 1996. Because the company failed to meet certain benchmarks, the board expanded to give seats and the Class B members were able to appoint a representative to the newly created seat. The combined 60% stake of Fisk Ventures and Johnson, however, was insufficient to control the company. In March 2006, the company ran out of operating cash. In August 2006, Pugh left Genitrix, leaving the company with just two employees including Segal. The board has not met since the fall of 2006 because the Class A representatives have refused to participate. In May 2007, Segal proposed to terms under which the Class B members might purchase his interest in the company. The Class B members rejected those terms and subsequently Fisk Ventures initiated this suit, seeking dissolution of Genitrix.
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