August 30, 2024
A Willkie litigation team led by partners Tony Yanez, Alex Cheney and Brady Sullivan was recognized as a “Runner Up” by The AmLaw Litigation Daily for securing a victory for client L-5 Healthcare Partners, a family office investment vehicle, in novel specific performance litigation against Alphatec Holdings Inc.
In a post-trial memorandum opinion, the Delaware Court of Chancery ordered defendant Alphatec, a company in which L-5 had invested, to perform its contractual obligations to sell L-5 over one million Alphatec warrants.
This case addressed a novel question: whether and how to award specific performance for breach of a right to participate in a complex fundraising, when the fundraising had closed years ago and could not be unwound. The court addressed that question by awarding specific performance and structuring it to most closely resemble the economics of the original transaction.
The ruling represents the latest development in the dynamic area of Delaware jurisprudence concerning specific performance remedy clauses. Read more about the case here.
The trial team included partners Tony Yanez, Alex Cheney and Brady Sullivan, and associates Sean Lavin, Emma Rosen and Rahima Ghafoori.
In a post-trial memorandum opinion, the Delaware Court of Chancery ordered defendant Alphatec, a company in which L-5 had invested, to perform its contractual obligations to sell L-5 over one million Alphatec warrants.
This case addressed a novel question: whether and how to award specific performance for breach of a right to participate in a complex fundraising, when the fundraising had closed years ago and could not be unwound. The court addressed that question by awarding specific performance and structuring it to most closely resemble the economics of the original transaction.
The ruling represents the latest development in the dynamic area of Delaware jurisprudence concerning specific performance remedy clauses. Read more about the case here.
The trial team included partners Tony Yanez, Alex Cheney and Brady Sullivan, and associates Sean Lavin, Emma Rosen and Rahima Ghafoori.
