Delta financial liquidating trust
This, they claim, was despite receiving the full amount from investors.In 2011, all of the syndicate companies – excluding Highveld 19, which was liquidated – were placed into business rescue, with properties belonging to three of the syndicates transferred to Orthotouch, while the rest were to be salvaged through or “in” the company.
Illinois choice of law principles, which govern this case because it was filed in Illinois, makes the law applicable to a suit against a director for breach of fiduciary duty that of the state of incorporation. The board considered a proposal from a group of Chicago investors and a joint proposal from Venrock and J. Morgan, and eventually decided on an million loan from Venrock and J. The board of directors had grown to seven members, of whom four, including Copeland, were employees of Venrock or J. The disinterested directors of Cadant (the directors who had no affiliation with Venrock or J. Morgan) who voted for the loan were engineers without financial acumen, and because they didn't think to retain their own financial advisor they were at the mercy of the financial advice they received from Copeland and the other conflicted directors. But “direct” is no more illuminating than “proximate .” Both are metaphors rather than definitions. But how could he have foreseen that his act would have triggered an explosion, as distinct from a possible injury to the boarder? Mcgurk, Attorney, Chicago, IL, for Plaintiff–Appellant. Cadant had been created in 1998 to develop what are called “cable modem termination systems,” which enable high-speed Internet access to home computers. Morgan received preferred stock in exchange for an investment in the new company that they made at the beginning of 2000. Riblet Products Corp., 79 F.3d 572, 576 (7th Cir.1996); Restatement (Second) of Conflicts of Laws § 309 (1971). The district judge granted the motion with a brief oral statement of reasons, precipitating this appeal.The rescue plan saw Orthotouch buying 78 of the syndicates’ properties for a combined R5.2 billion.“The sale between Orthotouch and Delta Property Fund came to our attention, and we are currently investigating,” said Marina Verdoes of Theron & Partners, attorneys for one group of investors.
“A section 34 notice is standard practice in the property industry, and involves the publication of a notice of sale of assets in major newspapers,” said Corbett.