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Jul 8, 2022 · Relevant here, Feldman initially invested in FlashPoint through his wholly owned subsidiary, Chelsey Capital, LLC (“Chelsey”), in 2019 and caused Chelsey to transfer the FlashPoint stock to SDF, another of his wholly owned subsidiaries, in March 2015.
Jun 24, 2022 · Relevant here, Feldman initially invested in FlashPoint through his wholly owned subsidiary, Chelsey Capital, LLC ("Chelsey"), in 2019 and caused Chelsey to transfer the FlashPoint stock to SDF, another of his wholly owned subsidiaries, in March 2015.
It is undisputed that Plaintiff Stuart D. Feldman invested $1 million in Flashpoint Technology, Inc. (“Flashpoint”) in 1999 through a wholly owned LLC, Chelsey Capital, LLC (“Chelsey”), and assigned the Flashpoint stock from Chelsey to Plaintiff SDF Funding LLC (“SDF”) in March 2015.
Feb 1, 2022 · Plaintiff Stuart D. Feldman invested in Flashpoint in 1999 through a wholly owned entity. In March 2015, Feldman caused Flashpoint stock to be transferred to another Feldman-owned entity, Plaintiff SDF Funding, LLC ("SDF"). In May 2015, Feldman's investment manager requested Flashpoint's audited financials.
- Background
- The Court Declines to Grant Feldman Equitable Standing
- Closing Thoughts
In 1999, plaintiff Stuart Feldman acquired a minority stock interest in nominal defendant Flashpoint Technology, Inc. through his wholly-owned company, Chelsey Capital, LLC. In 2015, Feldman caused Chelsey to transfer its Flashpoint shares to another Feldman-owned entity, SDF Funding LLC. Beginning in 2015, Feldman made a series of Section 220 dema...
Chancellor McCormick’s opinion denying Feldman equitable standing turned mainly on her reading of Schoon v Smith where the Delaware Supreme Court, in declining to extend the doctrine of equitable standing to allow a director to bring a derivative action against his fellow directors, held that the doctrine’s reach should be limited to “new exigencie...
At least in New York, and I suspect in most jurisdictions, equitable standing is not a frequently litigated issue in shareholder derivative actions or other types of disputes among co-owners of closely held entities. Indeed, in the 14+ years of this blog’s existence, this is only the second post concerning equitable standing. The first was the Carl...
Section 327 of the Delaware General Corporation Law requires a plaintiff pursuing a derivative claim to hold stock in the corporation at the time of the alleged wrong.2 The plaintiffs in this case are Feldman and his wholly owned subsidiary, SDF Funding LLC (“SDF”).
SDF FUNDING LLC and STUART D. FELDMAN, derivatively on behalf of FLASHPOINT TECHNOLOGY, INC., Plaintiffs, v. STANLEY B. FRY, EDWARD D. HERRICK, ROSS BOTT, CYRUS W. GREGG, JARED FRY, RYAN C. FRY, and MAGDALENA RAMOS, Defendants, and FLASHPOINT TECHNOLOGY, INC., Nominal Defendant. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) C.A. No. 2017-0732-KSJM
