26 CAPITAL ACQUISITION v. TIGER RESORT

C.A. No. 2023-0128-JTL.

309 A.3d 434 (2023)

26 CAPITAL ACQUISITION CORP., and 26 Capital Holdings LLC, Plaintiffs and Counterclaim-Defendants, v. TIGER RESORT ASIA LTD., Tiger Resort Leisure and Entertainment, Inc., and Project Tiger Merger Sub, Inc., Defendants and Counterclaim-Plaintiffs.

Court of Chancery of Delaware.

Date Decided: September 7, 2023.


Attorney(s) appearing for the Case

A. Thompson Bayliss , J. Peter Shindel, Jr. , Eric A. Veres , ABRAMS & BAYLISS LLP, Wilmington, Delaware; Rollo C. Baker, IV , Robert S. Loigman , Jesse Bernstein , Todd Beattie , Jonathan Feder , Danielle Lazarus , Edgar Aliferov , Miriam Bial , Aaron Lawrence , QUINN EMANUEL URQUHART & SULLIVAN, LLP, New York, New York; Samuel J. Lieberman , SADIS & GOLDBERG LLP, New York, New York; Counsel for Plaintiffs and Counterclaim-Defendants.

T. Brad Davey , Matthew A. Golden , Daniel M. Rusk, IV , Abraham C. Schneider , Hayden J. Driscoll , POTTER ANDERSON & CORROON LLP, Wilmington, Delaware; Daniel M. Perry , Grant R. Mainland , Jed M. Schwartz , Andrew L. Porter , Christopher Almon , Alison S. Markowitz , Ashley A. Satterlee , Alexander B. Cogut , MILBANK LLP, New York, New York; Counsel for Defendants and Counterclaim-Plaintiffs.


OPINION REGARDING AVAILABILITY OF SPECIFIC PERFORMANCE

This is a broken deal case involving a de-SPAC transaction.1 This decision addresses whether the SPAC can obtain a decree of specific performance compelling the target to use its reasonable best efforts to close. In many broken-deal cases,...

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