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Chancery Asks Why Fraud Case Was Kept From Hotel Buyer

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Chancery Asks Why Fraud Case Was Kept From Hotel Buyer

Chancery Asks Why Fraud Case Was Kept From Hotel Buyer

Law360 (August 24, 2020, 8:44 PM EDT) — A Delaware vice chancellor pressed an attorney for China’s Dajia Insurance Group Monday at the opening of a five-day trial to do more than just suggest that it was “preposterous” for the buyer in a teetering, $5.8 billion hotel deal to expect notification about fraud-related litigation that could jeopardize the deal.

Vice Chancellor J. Travis Laster asked Stephen Glover of Gibson Dunn & Crutcher LLP why it was “clearly wrong” to read a purchase agreement as requiring Dajia to tell the buyer — affiliates of Korea’s Mirae Asset Global Investments Co. — when Dajia went to court to head off use…

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