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

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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