Since the Delaware Supreme Court held in CML V, LLC v. Bax that creditors of a Delaware LLC lack standing to pursue derivative breach-of-fiduciary-duty claims, even if the LLC is insolvent or near insolvent, bankruptcy courts have decided a number of Bax-related issues in cases involving Delaware LLCs.
USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, Bankruptcy, Delaware Supreme Court, US District Court for District of Delaware