ThinkEquity Partners, LLC v. Datatel, Inc.

ThinkEquity Partners, LLC v. Datatel, Inc.

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In this ruling granting judgment in plaintiff ThinkEquity's favor, the court addressed the issue of whether the transfer of a controlling block of shares in defendant Datatel, Inc. constituted a “Sale Transaction” within the meaning of a contract which required defendant Datatel, Inc. to pay Plaintiff ThinkEquity, LLC 3/4% of the sale price of the company upon the consumation of a "Sale Transaction." Specifically, the Court addressed the question of whether the transfer of a controlling block of shares in the company constitute the sale of "50% or more of the voting power" of a corporation - and held that it did. Accordingly, the Court granted ThinkEquity's motion for summary judgment.

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Published In: General Business Updates

Reference Info:Decision | Federal, 9th Circuit, California | United States