The Delaware Supreme Court has affirmed a Court of Chancery decision on behalf of Lowenstein Sandler client Vistar Media Inc., finding that the advertising tech company had properly exercised its right to cash out matured investor notes despite challenges by some investors who demanded conversion of their notes into equity.
As reported by Law360, 15 individual and business investors led by Valhalla Partners II LP brought suit against Vistar when the company repaid its notes at the face amount plus 4 percent interest.
Matthew Boxer, partner and Chair of Lowenstein’s Corporate Investigations & Integrity and White Collar Defense practices argued before the Delaware Supreme Court that the dispute was governed by the maturity date in the notes and that “Vistar never provided a version of that note that granted the discretion that the noteholders are now seeking.”
Boxer and Lowenstein partner Rebecca J. Ryan served as co-counsel at trial with Richards Layton & Finger PA.
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Lowenstein Sandler LLP is a national law firm with more than 375 lawyers working across five offices in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents clients in virtually every sector of the global economy, with particular strength in technology, life sciences, and investment funds. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
