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Judicial Dissolution: Are the Courts of the State that Brought You In the Only Courts that Can Take You Out?
Ist Teil von
The Business Lawyer, 2015-10, Vol.70 (4), p.1059-1082
Ort / Verlag
Chicago: Business Law Section of the American Bar Association
Erscheinungsjahr
2015
Link zum Volltext
Quelle
PAIS Index
Beschreibungen/Notizen
In early 2014, the then-managing members of the limited liability company ("LLC") that owned The Philadelphia Inquirer, the Philadelphia Daily News, and philly.com filed nearly simultaneous petitions for judicial dissolution of the LLC in the Court of Common Pleas in Philadelphia and the Delaware Court of Chancery. The dual petitions created the anomaly that everyone agreed on dissolution, but no one could agree where it should take place. Both courts were asked to address a unique question: could a Pennsylvania court judicially dissolve a Delaware LLC? According to existing precedent, the answer was not so clear. This article proposes that the answer should be clear: a court cannot judicially dissolve an entity formed under the laws of another jurisdiction because dissolution is different than other judicial remedies. This approach gives full faith and credit to the legislative acts of the state of formation, but also permits the forum state to protect its own citizens by granting the remedies it feels necessary, short of dissolution.