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Advanced Payments Denied Priority
Advancement claims of executives are not entitled to priority over other claims against an entity in receivership, the Delaware Court of Chancery has ruled in a case of first impression.
Writing in Andrikopoulos v. Silicon Valley Innovation, C.A. No. 9899-VCP (July 30, 2015) Vice Chancellor Donald F. Parsons Jr. said advancement claims should be treated on par with the claims of other unsecured creditors. Along with those of unsecured creditors, Parsons said further, advancement rights claims are to be satisfied on a pro rata basis.
While the Court of Chancery is frequently asked to sort out the advancement rights of executives, this case came “in the unusual context of a receivership,” Parsons observed.
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