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HYDE PARK VENTURE PARTNERS v. FAIRXCHANGE

C.A. No. 2022-0344-JTL.

292 A.3d 178 (2023)

HYDE PARK VENTURE PARTNERS FUND III, L.P. and Hyde Park Venture Partners Fund III Affiliates, L.P., Petitioners, v. FAIRXCHANGE, LLC, a Delaware limited liability company, as successor in liability to FairXchange, Inc., a Delaware Corporation, Respondents.

Court of Chancery of Delaware.

Date Decided: March 9, 2023.

Attorney(s) appearing for the Case

A. Thompson Bayliss , Daniel J. McBride , Anthony R. Sarna , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Attorneys for Funds Hyde Park Venture Partners Fund III, L.P. and Hyde Park Venture Partners Fund III Affiliates, L.P.

Paul J. Lockwood , Jenness E. Parker , SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, Wilmington, Delaware; Patricia L. Enerio , Jamie L. Brown , Aaron M. Nelson , Elizabeth A. DeFelice , HEYMAN ENERIO GATTUSO & HIRZEL LLP, Wilmington, Delaware; Stephen J. Senderowitz , DENTONS, Chicago, Illinois; Douglas W. Henkin , DENTONS, New York, New York; Attorneys for Respondent FairXchange, LLC.

MEMORANDUM OPINION GRANTING MOTION TO COMPEL

While Ira Weiss was serving as a director of FairXchange, Inc. ("FairX" or the "Company"), Coinbase Global, Inc. made an acquisition proposal. Weiss wanted to retain an investment banker and explore alternatives. The other two members of the Company's board of directors (the "Board...

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