Mirae Asset: "Delaware Supreme Court Recognizes US Hotel Contract Termination"

[Asia Economy Reporter Lee Seon-ae] Mirae Asset Securities announced on the 9th that the Delaware Supreme Court confirmed the Delaware Court of Chancery's (first instance) ruling recognizing the buyer's (Mirae Asset and its affiliated companies) contract termination due to the seller's (Anbang Insurance) actions that dramatically changed hotel operations without the buyer's consent, violating the ordinary course of business covenant, as of December 9, 2021, Korean time.

Following this Delaware Supreme Court ruling, the return of the deposit, transaction costs, and related interest was confirmed, as well as the litigation costs recognized by the Court of Chancery in the first instance.

Previously, on December 1, 2020, Korean time, the Delaware Court of Chancery dismissed all claims by the seller for payment performance and recognized the buyer's termination of the sales contract for 15 U.S. hotels. The seller, Anbang Insurance, filed an appeal on March 5, 2021, contesting this decision.

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