Blockchain Loan Joint Venture Order Blocked Chancery Order

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Law360 (Aug 16, 2021, 1:08 pm ET) – A once promising joint venture set up to shake up the secondary market for syndicated loans using blockchain technology is set to be dissolved, the Delaware Chancellor’s Court has ruled.

In a 129-page ruling released Friday, Vice Chancellor J. Travis Luster also discovered that Symbiont.io Inc. owes “about $ 70 million” on a late 2016 deal with Ipreo BLTS LLC to create Synaps Loans LLC based on Ipreo’s aftermarket actions that disrupted the joint venture’s business before it got off the ground.

The ruling, issued after five days of litigation, showed that the acquisition of Ipreo by IHS Markit Ltd., which dominated this joint business …

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