Healthcare Found. of Wilson v. Dlp Healthcare, LLC

North Carolina Business Court·Decided June 23, 2026·No. 25-CVS-33959·Published·Adam M. Conrad

Opinion

Healthcare Found. of Wilson v. DLP Healthcare, LLC, 2026 NCBC 57.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION

WAKE COUNTY 25CV033959-910

HEALTHCARE FOUNDATION OF WILSON,

Plaintiff,

v. ORDER AND OPINION ON MOTION TO DISMISS

DLP HEALTHCARE, LLC; DLP PARTNER, LLC; and DLP WILSON HOLDING COMPANY, LLC (nominal),

Defendants.

1. Wilson Holding Company, LLC (“Wilson Holding”) owns and operates a hospital and ancillary medical facilities in Wilson, North Carolina. The company has just two members: Healthcare Foundation of Wilson (“Healthcare Foundation”) and DLP Healthcare, LLC (“DLP Healthcare”). In 2024, Healthcare Foundation exercised a contractual put option that allows it to sell its entire membership interest to DLP Healthcare, which would make DLP Healthcare the sole owner of Wilson Holding. But the purchase process is in limbo due to disagreements about how to value Wilson Holding and Healthcare Foundation’s stake in it. In this lawsuit, Healthcare Foundation asserts claims against DLP Healthcare and its parent company, DLP Partner, LLC (“DLP Partner”), for breach of contract, breach of fiduciary duty, and related wrongs.

2. DLP Healthcare and DLP Partner have moved to dismiss all claims under Rule 12(b)(6) of the North Carolina Rules of Civil Procedure. For the following reasons, the Court GRANTS in part and DENIES in part the motion.

Womble Bond Dickinson (US) LLP, by Philip J. Mohr, A.J. Horner, and Wiley Bishop Hughes, for Plaintiff Healthcare Foundation of Wilson.

K&L Gates LLP, by Nathan Huff and Aaron Finkel, for Defendants DLP Healthcare, LLC and DLP Partner, LLC.

No counsel appeared for Nominal Defendant DLP Wilson Holding Company, LLC.

Conrad, Judge.

I.

BACKGROUND

3. The Court does not make findings of fact on a Rule 12(b)(6) motion to dismiss. The following background takes as true the allegations in the amended complaint.

4. The Wilson Medical Center has a long history in Wilson, North Carolina. Founded in the 1960s, the hospital boasts nearly 300 beds and has served patients in practice areas ranging from imaging to surgery to emergency care. (See V. Am. Compl. ¶ 7, ECF No. 30.)

5. For most of its existence, the hospital was owned and operated by Healthcare Foundation (a North Carolina nonprofit corporation). That changed in 2013. Looking for help with improving patient services, Healthcare Foundation linked up with DLP Healthcare (a Delaware LLC) to form Wilson Holding (also a Delaware LLC) to take over the hospital’s ownership and operations. (See V. Am. Compl. ¶¶ 1, 2, 4, 8, 9.)

6. Healthcare Foundation is Wilson Holding’s minority member, with just a twenty-percent stake. DLP Healthcare holds the other eighty percent. When it comes to management, things are a bit more equal because Wilson Holding’s operating agreement vests authority in a ten-member governing board, half appointed by Healthcare Foundation and half appointed by DLP Healthcare. The governing board long ago delegated day-to-day managerial authority to DLP Partner, which is DLP Healthcare’s parent company. Thus, as a practical matter, Healthcare Foundation can influence governance through its board appointments, but it has no say in day-to-day management and cannot unilaterally choose Wilson Holding’s strategic direction. (See V. Am. Compl. ¶¶ 3, 4, 9–11, 25, 27; Op. Agrmt. § 9.1, ECF No. 29.1; see also Mgmt. Agrmt., ECF No. 29.3.)

7. For added protection, Healthcare Foundation negotiated a separate put agreement that allows it to require DLP Healthcare to buy its minority interest in certain circumstances. The put agreement defines the purchase price as a percentage of Wilson Holding’s appraised value, with the appraisal to be performed by a qualified appraiser selected by the governing board. Closing must take place no “later than sixty (60) days following the date” the final appraised value is issued, and “each party shall execute and deliver all such further documents and instruments and take all such further actions as may be necessary in order to consummate the” put transactions. (Put Agrmt. §§ 2, 4, 5, 7, ECF No. 29.2; see also V. Am. Compl. ¶ 25; Op. Agrmt. § 1.)

8. As time went by, Healthcare Foundation lost faith in DLP Partner’s management of the hospital. Especially worrisome were budget cuts, staff shortages, and a perceived decline in the quality of care. Although Healthcare Foundation proposed reforms, its efforts were frustrated by a divided governing board. So, in

August 2024, Healthcare Foundation exercised its put option and began the process of selling its minority interest to DLP Healthcare. (See, e.g., V. Am. Compl. ¶¶ 29, 31, 34, 36.)

9. A few months later, Wilson Holding’s governing board retained an appraiser called BDO to assess “the fair market value of a 100.0% interest” in Wilson Holding “as of a date to be determined (the ‘Valuation Date’).” The appraisal agreement contemplates a few months’ worth of work in two phases. The deliverables for phase one include “financial schedules detailing preliminary valuation conclusions.” The deliverable for phase two is “a full draft report.” The appraisal agreement has a three-year term. (V. Am. Compl. ¶¶ 37, 38, 42; Ex. A, ECF No. 44.)

10. BDO started by requesting preliminary valuation information. In that request, it asked the parties to “confirm the date of valuation (the ‘Valuation Date’)” and noted “that all financial and market information will be leveraged as of the date of valuation.” DLP Healthcare replied as follows: “Planning to use the period ending 12/31/2024 and provide [calendar year] 2024 financials once available later this month.” As alleged, Healthcare Foundation agreed with the proposed valuation date and “conveyed its acceptance in the follow-up calls and communications held with BDO and DLP Healthcare representatives.” Through these communications, Healthcare Foundation alleges, the parties formed a contract to use 31 December 2024 as the valuation date. Healthcare Foundation refers to this alleged contract as the Valuation Date Agreement. (V. Am. Compl. ¶¶ 45, 47–50; see also Prelim. Request Ex. B, ECF No. 45.)

11. Over the next six months, BDO gathered and assessed a great deal of financial information. It also met with and swapped emails with party representatives on a regular basis. Along the way, BDO produced two appraisal drafts for the parties’ review, each time using 31 December 2024 as the valuation date. Although Healthcare Foundation and DLP Healthcare offered expansive feedback on both drafts, neither objected to the valuation date. (See V. Am. Compl. ¶¶ 51, 53, 55–57, 63–65, 69.)

12. When BDO produced its third draft in June 2025, the appraisal process broke down. In this nearly final draft, BDO tentatively assessed Wilson Holding’s value at a figure approaching $300 million. DLP Healthcare strenuously objected and, for the first time in the appraisal process, stated that it opposed the use of 31 December 2024 as the valuation date. Healthcare Foundation, by contrast, urged BDO to finish its work and issue its final report. Then, in July 2025, DLP Partner stepped in as Wilson Holding’s manager and instructed BDO not to issue the final appraisal. (See V. Am. Compl. ¶¶ 71, 72, 74, 76, 77, 85, 90, 91.)

13. Soon after, Healthcare Foundation brought this lawsuit. It alleges that BDO would have issued a final appraisal by the end of July 2025 and closing on the put option would have occurred by the end of September 2025 had DLP Partner not called a halt to the process. Moreover, BDO’s appraisal allegedly would have entitled Healthcare Foundation to receive roughly $55 million for its minority interest. According to Healthcare Foundation, DLP Healthcare and DLP Partner were unwilling to pay that amount and therefore reneged on the Valuation Date Agreement and halted the appraisal process. (See V. Am. Compl. ¶¶ 96, 100, 101.)

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