Liquidating trustee certification
Shah was a Board member and Chief Science Officer, but resigned from both of those positions.Plaintiffs filed the underlying suit against Defendants asserting breach of fiduciary duties, breach of the Company’s LLC Agreement, and declaratory relief, among other claims. This case revolves around Inspirion Delivery Sciences, LLC, a Delaware limited liability company that develops abuse-deterrent pharmaceuticals (the “Company” or “Inspirion”), two members of the Company’s board of managers (the “Board”), and one co-founder and former Board member. The Acela Court decision discusses Delaware Supreme Court Rule 42 (“Rule 42”), which sets forth the criteria for evaluating whether to grant a request for interlocutory appeal, and the considerations necessary to evaluate a motion for stay pending appeal.Unless otherwise provided in a partnership agreement, any remaining assets shall be distributed as provided in this chapter.No liquidating trustee winding up the affairs of a limited partnership who has complied with this section shall be personally liable to the claimants of the dissolved limited partnership by reason of his actions in winding up the limited partnership.Financial analysis can help determine if the company in question is, solvent, liquid, and/or profitable enough.Investment analysts should take time to dig into the company’s income statement, balance sheet and cash flow statement, along with management earnings calls, industry news, and other sources of information.
This governance structure proved to be “a recipe for deadlock” which occurred amongst management regarding many issues, including deciding with whom they should partner to manufacture their existing products and develop new drugs and whether the Company should focus on research and development or the creation of an internal sales force.
If there are sufficient assets, the claims and obligations shall be paid in full, and any reasonable provision for payment shall be made in full.
If there are insufficient assets, the claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor.
The Defendants include the Company’s co-founders Raymond Di Falco and Manish Shah.
Di Falco is also a Board member and President of the Company.