Chancery Orders Stymied Blockchain Loan JV Dissolved

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Chancery Orders Stymied Blockchain Loan JV Dissolved

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August 16, 2021

Chancery Orders Stymied Blockchain Loan JV Dissolved

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Law360 (August 16, 2021, 1:08 PM EDT) — A once-promising joint venture formed to shake up the secondary market for syndicated loans using blockchain technology must be dissolved, Delaware’s Chancery Court has ruled.

In a 129-page decision released Friday, Vice Chancellor J. Travis Laster also found that Symbiont.io Inc. is due “in the vicinity of $70 million” from its late 2016 deal with Ipreo BLTS LLC to form Synaps Loans LLC, based on post-deal actions by Ipreo that undermined the joint venture’s business before it got off the ground.

The ruling, which followed a five-day trial, found that Ipreo’s acquisition by IHS Markit Ltd., which dominated the business that joint…

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