officer

Ambiguous Advancement Provision Favors Former Officer and Director

By Peter A. Mahler on May 28, 2019

Posted in Advancement and Indemnification, Delaware

Is a former director and officer entitled to advancement of legal fees incurred in the defense of legal claims asserted against her by the corporation? That was the question decided by VC Glasscock of the Delaware Chancery Court in a case where the corporate charter’s indemnification and advancement provisions were not a model of clarity.
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Court Upholds Former Officer’s Right to Seek Indemnity and Advancement in Intra-Company Dispute

By Peter A. Mahler on June 9, 2014

Posted in Advancement and Indemnification, Attorney's Fees, Common Law Dissolution, Delaware, Derivative Actions, Interim Remedies

This week’s New York Business Divorce features an important decision last month by Justice Vito DeStefano in which he upheld a claim for advancement of legal fees incurred by a close corporation minority shareholder, director and former officer, who initiated suit against the controlling shareholder, in defending counterclaims asserted in the name and right of the company. …
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