BUSINESS ORGANIZATIONS: LIMITED LIABILITY COMPANIES: BREACH OF FIDUCIARY DUTY: CONFLICT OF INTERESTS

McCoy v. Durden, ___ So. 3d ___, 40 Fla. L. Weekly D81 (Fla. 1st DCA December 31, 2014)

When an LLC borrowed $65 million to buy two radio stations in California, its operating agreement was amended to give the lender control over the board of directors and to modify the rules governing conflicts of interest. After the LLC defaulted … Click To Read Full Case Law Review...