AGP Executive Report

Private Markets Stress: Blackstone capped withdrawals at its flagship private credit fund as redemption requests jumped, and Partners Group flagged more withdrawal pressure—its $16B Delaware-based fund hit 6% of assets in repurchase requests, pushing it toward capping a second pool. Delaware Courts & Business: Forestar and D.R. Horton asked Delaware Chancery Court to toss a shareholder suit over an alleged “lot deal” scheme, while Rusoro urged dismissal of Gold Reserve’s challenge tied to a failed Citgo bid. State Budget Watch: Delaware lawmakers’ Joint Finance Committee added $87.4M in general revenue to the FY2027 budget, lifting growth to 6.3% above the governor’s 5% cap, with more one-time spending on the table. Local Economy & Costs: GasBuddy data showed Delaware County’s lowest regular gas at $3.73 and Kent County’s lowest regular at $3.80 for the week ending May 30, with diesel also easing in Delaware. Community & Health: Dedicated Financial and Delaware Retiree plan a June 9-11 Sussex County event series with Food Bank of Delaware support and a Blood Bank of Delmarva drive. Elections & Voting Rights: The ACLU-DE is appealing a Fenwick Island voter dilution ruling, arguing only human persons should vote in state and local elections.

AI & Public Safety: A Philadelphia fusion center reportedly monitored “first amendment activity” by AI critics online, warning of potential physical and cyber threats to regional data centers despite noting a lack of specific plans. Consumer Finance & Privacy: Nevada AG Aaron Ford joined a coalition opposing a Trump-era retirement rule that would steer more 401(k) assets into riskier alternatives like crypto and private credit; separate AG action also targets federal moves that would weaken state privacy protections. Delaware Water & Energy: Delaware declared a statewide drought watch as precipitation drops, urging voluntary water cuts and keeping an open burning ban through Sept. 30; meanwhile, Delaware gas prices stayed volatile, with one Delaware County station hitting $3.73 and New Castle County’s low at $3.84 for the week ending May 30. Private Markets Liquidity: Partners Group flagged more large withdrawal requests after capping redemptions in evergreen private funds, signaling stress spreading across private credit and private equity. Local Business & Health: Dr. Elise Hogan opened an integrative concierge practice in Wilmington, while Cazcanes expanded its distribution partnership with Winebow across 13 markets including Delaware. Community & Culture: Delaware honored 40 students at Futures in the Arts, and Wilmington’s UDairy Creamery is getting a renovation with a temporary pop-up during construction.

Delaware Business & Economy: Delaware’s Thomas Jefferson University has been selected to run the state’s first medical school, with Gov. Matt Meyer saying the initial campus will be at the University of Delaware in Newark and the first cohort could get free tuition for students who commit to practicing in rural Delaware. Social Security: A new fiscal analysis warns Delaware retirees could see Social Security checks drop by about $549 a month if the trust fund runs out by 2032, with a projected 24% across-the-board cut nationwide. Local Business/Real Estate: Wilmington-based Brosix is marking 20 years with a promotion for new subscribers, aiming to serve small and mid-sized businesses with team messaging that’s easier to manage than enterprise tools. Workforce/Tech: Sepax Technologies is seeking a $100 million U.S. HQ in Glasgow Commons Park as it looks to move out of Delaware Technology Park, with plans for a 137,900-square-foot office and R&D center. Consumer Protection: North Carolina AG Jeff Jackson is pushing the FTC to crack down on hidden food delivery fees and menu markups, with Delaware included in the coalition. Community & Culture: The 250 Ride Reenactment will trace Caesar Rodney’s Dover-to-Philadelphia journey June 12-13, kicking off at Christ Episcopal Church in Dover.

Fintech Expansion in Newark: GradBridge, a Delaware-founded private student lending fintech, will stay in-state and expand at Iron Hill Corporate Center, supported by a $780,000 Jobs Performance Grant and planning nearly 50 jobs over five years. Delaware Courts & Corporate Governance: Former Market Basket CEO Arthur T. Demoulas says he will not appeal a Delaware Chancery ruling upholding his firing, arguing the boardroom dispute isn’t the right forum. Social Security Pressure Point: A new analysis projects Social Security benefit cuts averaging about $500 per month (roughly 24%) if the retirement trust fund becomes insolvent in 2032, with Delaware among the hardest-hit states. Delaware Health Workforce: Delaware is set to open its first four-year medical school in 2028 via a Thomas Jefferson University partnership, with an inaugural class of 40 and free-tuition awards tied to serving rural Delaware. Local Business & Compliance: Delaware must turn over employment wage records tied to a federal immigration subpoena after the Third Circuit rejected the state’s appeal. AI Workforce Startup: Nu Ride announced an acquisition pivot into insurance and wealth management, buying Affinity’s insurance distribution and registered investment advisory platform.

Delaware Budget Watch: Delaware lawmakers wrapped markups for the FY 2027 operating budget and a one-time supplemental package, with additions tied to May revenue forecasts, including 3% merit raises for state employees and more funding for health, education and workforce readiness. Delaware Health & Higher Ed: The state is set to launch its first medical school with Thomas Jefferson University running the program, a move aimed at easing provider shortages across Delaware. Local Tax Policy: Millsboro approved a new 3% lodging tax, which would stack on top of Delaware’s existing 8% hotel tax, pushing the total to 11% if fully implemented. Food Access Grants: Delaware Grocery Initiative and First State Food System Program awarded $712,500 in grants to 28 groups to expand healthy food access, including food rescue and cold storage upgrades. College Sports NIL: Senators Ted Cruz and Maria Cantwell unveiled a bipartisan college sports bill focused on compensation rules and stability amid NIL and transfer-portal chaos. Corporate/Chancery: Delaware Court of Chancery refused to dismiss a stockholder suit challenging Virtu Financial’s insider-enrichment claims tied to its share repurchase program. Business Litigation: Delaware Chancery also saw arguments in an investor dispute over R1 RCM’s $8.9B take-private deal, with defendants urging dismissal. Market Basket Update: Former Market Basket CEO Arthur Demoulas said he won’t appeal Delaware’s ruling upholding his removal.

Corporate Voting Fight: The ACLU of Delaware says it will appeal a judge’s dismissal of its lawsuit challenging Fenwick Island’s practice of letting certain non-human entities, including corporations and LLCs, vote in municipal elections, arguing “one person, one vote” is being undermined. Banking Leadership: Orrstown Bank named Adam L. Metz president and CEO, effective June 2, succeeding Thomas R. Quinn Jr. Delaware Court/Business: Market Basket’s former CEO Arthur T. Demoulas won’t appeal a Delaware judge’s ruling that upheld his firing, ending a long-running Delaware Chancery dispute. Local Development: Sussex County P&Z backed the Seaside at Lewes Route 1 commercial plan, recommending approval for a 30-acre retail and services project tied to nearby road improvements. Public Safety & Crime: Delaware State Police are investigating a string of business burglaries along Coastal Highway in Lewes, with multiple restaurants and shops hit. Economic/Industry Watch: DOJ is seeking $286 million in unpaid tariffs from First Brands Group in a Delaware bankruptcy-court dispute tied to alleged undervaluation of China imports. Business Recognition: Capstone Homes’ Jake Booth earned NAHB’s Certified Master Building Professional credential, highlighting Delaware’s homebuilding leadership.

Delaware Business & Economy: Delaware’s Division of Small Business awarded more than $700,000 to help farmers, independent grocers, food banks and pantries in food-desert areas. Local Public Safety: Delaware State Police are investigating multiple commercial burglaries along Coastal Highway in Lewes, including break-ins or attempted break-ins at Go Brit, Cabana’s Restaurant, Tienda La Bendicion and The Listening Booth, with additional similar incidents nearby. Tourism & Local Tax Policy: Millsboro is weighing a new 3% lodging tax that would stack on top of Delaware’s existing 8% hotel tax, pushing the total to 11% if approved. Business & Legal Watch: A Delaware federal judge narrowed a dental patent case but kept it alive, while JPMorgan avoided a transaction-processing patent suit after a judge ruled the patent didn’t meet the Supreme Court’s Alice test. Corporate Governance Trend: Delaware continues to face pressure as companies reassess reincorporation options, with Texas emerging as a competitive alternative. Crypto & Finance: Keyrock is seeking court approval to acquire bankrupt crypto lender Blockfills for $3.25 million. Workplace Safety: A new report highlights how safety managers are dealing with expanding OSHA compliance demands.

Bankruptcy & Fraud: A Delaware-linked dispute shows how bankruptcy non-disclosure can sink later fraud claims, with a New York appellate court affirming dismissal based on failure to disclose assets and potential legal claims. ETF Liquidation: REX-Osprey™ ETH + Staking ETF (ESK) will stop trading June 11, close to new purchases, and is expected to liquidate June 18 as the sponsor cites limited growth prospects and expense subsidies. Corporate Dealmaking: Hall Chadwick Acquisition Corp. signed a definitive deal to combine with REEcycle Holdings, valuing REEcycle at $400M equity and aiming to build a China-independent rare earth recycling supply chain. Brand/Marketing Tech: Dover-based GetMentions AI launched “YouTube Mentions” to help brands secure placements that influence how AI systems surface answers. Retirement Policy Fight: Delaware AG Jay Jones joined a coalition opposing a Trump administration plan that would loosen retirement investment protections by steering more money into riskier alternatives. Delaware Courts: A Delaware district court affirmed enforcement of nonconsensual third-party releases in a Chapter 15 case, signaling continued U.S. reach for foreign restructurings. Consumer Costs: Gas prices in the Philly market (including parts of Delaware/N.J.) fell week over week, while a new map highlights steep year-over-year electricity price jumps in states like Maryland. Local Business & Community: Delaware’s DOJ dropped charges against DSU students tied to a Rehoboth Beach “takeover” event, citing no factual basis.

Delaware Policy & Courts: A Delaware judge decision allowing corporations to vote in certain local elections is drawing fresh backlash over corporate influence in governance. Housing & Local Economy: Delaware leaders are moving ahead on major affordable housing projects, including new units breaking ground in Milford and Wilmington’s push for additional affordable homes. Business & Energy: Delaware is set to pay $110M more for the Edgemoor port, while PECO customers in the region face higher bills starting June 1. Health Care & Growth: Pro Medicus shares jumped after more contract wins and management said AI fears are easing for its subscription software model. Food & Community: The Food Bank of Delaware opened registration for its 2026 Community Supported Agriculture program, with weekly produce shares starting June 25. Environment & Delaware Bay: A lawsuit targets federal inaction on protecting horseshoe crabs, with Delaware Bay at the center of the dispute. Public Safety: Delaware State Police are investigating a gunpoint e-bike robbery after a victim met suspects via TikTok. Regional Media: WDEL was named the region’s Outstanding News Operation of the Year.

Broadcasting Honors: WDEL was named the Chesapeake Associated Press Broadcasters Association’s “Outstanding News Operation of the Year,” adding 15 awards overall, including first-place for “Delaware’s Morning News” and top honors for anchor Chris Carl and reporter Mark Fowser. Public Safety: Delaware State Police are investigating a rollover crash in Millsboro after a two-vehicle collision on Oak Orchard Road; officials say the pickup overturned and the windshield was removed to extricate the driver. Local Business & Community: Shoreline Sitters LLC held a ribbon cutting to expand its childcare placement services in Rehoboth Beach and Lewes, launching a summer nanny program for seasonal families. Housing & Policy: Delaware leaders criticized a federal court order requiring the state Department of Labor to release employment records tied to 15 businesses in an ICE subpoena dispute. Workforce & Utilities: IBEW Local 614 authorized a strike against PECO after members voted 94% in favor, citing stalled contract talks and lack of serious proposals. Weather Readiness: Sussex County urged residents to prepare for hurricane season as the Atlantic season begins June 1, emphasizing readiness over forecasts. Aviation Milestone: Avelo hit its one-millionth customer at Wilmington Airport (ILG), marking growth from a single Orlando route to a nonstop network.

Coastal Resilience Push: U.S. Rep. Sarah McBride and Sens. Chris Coons and Lisa Blunt Rochester urged the U.S. Army Corps of Engineers to restart a canceled Sussex County flood mitigation study, saying the agency didn’t give the required 30-day notice and that the work is vital for storm surge, flooding, saltwater intrusion, and protecting Delaware farmland. Immigration Records Fight: Delaware leaders, including Gov. Matt Meyer and AG Kathy Jennings, responded after a federal court ordered the state to release Delaware Department of Labor employment records tied to ICE subpoenas covering 15 businesses, rejecting the state’s bid to delay compliance. Corporate Voting Shockwave: A Delaware legal ruling allowing corporations to vote in certain elections is drawing backlash and raising fresh questions about how corporate power shows up in local governance. Business & Courts: A Delaware Chancery Court filing by Tristan Thompson targets a crypto telecom firm over an alleged $2 million endorsement deal dispute, while a separate Delaware case saw WWE executives hit with sanctions for destroying evidence in a shareholder lawsuit. Public Safety: Delaware State Police are investigating an armed robbery in Wilmington tied to a TikTok-arranged meeting that ended with a stolen electric bike. Health Care Expansion: ChristianaCare says it will open the ChristianaCare Hospital, Aston neighborhood hospital in early June, adding 24/7 emergency and inpatient services for about 15,000 patients a year.

Affordable Housing in Milford: Leaders broke ground on Lafayette Place, an affordable development expected to deliver up to 95 homes for families around 80% of area median income, building on ICHDE’s existing Colony Center community. Port of Wilmington Costs: Delaware agreed to pay an additional $110M to close a funding gap tied to the Edgemoor container terminal, pushing total added costs higher as the project advances toward 2028. Immigration Records Fight: The Third Circuit ordered Delaware to comply with a Homeland Security Investigations subpoena for employment wage records from 15 businesses, after earlier court rulings rejected the state’s delay request. Delaware Power Relief: Delmarva Power is pointing customers to its Energy Assistance and ReliefDE resources, including an Assistance Finder tool and a hotline for bill help. Delaware Politics & Taxes: A debate over HB 234 warns collective bargaining could shift control of healthcare and pensions away from lawmakers and toward arbitration. Local Business & Community: Milford also saw Park Royal apartments tabled for more planning details, while Sussex County proposed a $300M 2027 budget including new permit surcharge and fire/EMS cost-sharing. Entrepreneurship Pulse: A national LendingTree analysis found record new business applications in 2025, with Delaware among the top states for per-capita filings. Construction Update: Indianapolis City Market’s Whistler Plaza redevelopment is set to begin in June, signaling continued momentum in downtown redevelopment.

Captive Insurance Watch: A new “captive math” push argues published captive numbers are outdated and undercount growth in domiciles, cells and managers—calling for better definitions and reporting. Food Safety: Wawa Beverage Company recalled four drinks, including iced tea and lemonade, after an FDA “highest risk” warning flagged undeclared milk allergens. Delaware Courts & Governance: A Delaware judge upheld that business entities can vote in Fenwick Island elections, reinforcing the state’s long-running corporate “personhood” debate. Rehoboth Beach Fallout: Delaware DOJ dropped felony charges tied to the May 19 “takeover” event, while the NAACP questioned the city’s response and process. Health Care Contracting: UnitedHealthcare expanded Synapse Health management of DME orders across multiple states, including Delaware, starting Sept. 1, 2026. Local Business & Taxes: Radnor school board approved a 3.36% tax increase for 2026-27, with higher bills for typical homeowners. Energy Costs: PECO customers face another June bill increase tied to higher electricity supply costs, with data centers cited as part of rising demand. Data Center Pollution: A new analysis highlights diesel generator emissions from Virginia data centers and potential health impacts.

Police Reform Spotlight: Camden, N.J. is drawing renewed attention after reporting its first homicide-free summer in nearly 50 years, a turnaround tied to long-running police reform efforts and community pressure. Delaware Politics: Delaware’s party-change deadline for the Sept. 15 primaries is Friday night, with closed primaries meaning voters must switch party affiliation before midnight to participate. Data Center Legal Fight: A new legal filing in Birmingham, Ala. alleges Nebius helped developers evade a data center moratorium tied to the BHM01 project, escalating a growing wave of local opposition. Education Funding Setback: Delaware transportation officials rejected nearly $900,000 for a Georgetown bilingual charter school, saying charter schools don’t qualify under current rules. Local Governance & Voting Rights: A Delaware judge upheld rules allowing corporations and other entities to vote in certain municipal elections, reigniting debate over “one person/entity/one vote.” Public Safety: Rehoboth Beach hired outside counsel to review issues tied to a widely publicized “takeover” event, while Dewey Beach reported arrests of two Maryland men after a disturbance and struggle with officers. Business & Courts: Delaware Chancery Court dismissed an insider financing suit against Ayala Brass, and a separate Delaware case involves a former NBA player suing a crypto firm over a $2M brand deal. Food & Health: Raaw Energy expanded a pet food recall tied to contamination concerns, with products distributed across multiple states including Delaware.

Delaware Arts: The Delaware Division of the Arts is taking applications for its 2026 Delaware Writers Retreat, a four-day residential program Nov. 5–8 at the Biden Environmental Center in Cape Henlopen State Park. Deadline is July 1, with up to 18 writers selected after anonymous review of 10-page work samples. Food Security: The Food Bank of Delaware reported 458,983 pounds collected statewide in the May 9 Stamp Out Hunger drive. State Grants: Delaware Grocery Initiative awards more than $700,000 to 28 organizations to expand access to fresh food and help fight food deserts, including support for storage, delivery, and local farms. Courts & Business: A Delaware judge sanctioned Vince McMahon and Nick Khan in the WWE-Endeavor merger shareholder fight after finding Signal messages were destroyed, raising the standard they must meet to rebut key claims. Higher Ed Finance: UD named Ellen Herbst as executive vice president for finance and administration, effective July 1. Retail Logistics: PULPO WMS launched a 3PL Client Portal aimed at improving fulfillment visibility and collaboration for shippers and warehouse partners.

Corporate Governance in Delaware: Aegon says it will move its legal seat to Delaware and roll out US-style governance, including annual director elections, say-on-pay, and a simplified capital structure tied to its largest shareholder. Delaware Courts & Voting Rights: A Delaware judge upheld corporate voting in local elections, rejecting a challenge that would have limited how artificial entities participate. Port of Wilmington Funding: Port expansion talks continue as officials won’t say where an extra $110 million will come from to close a growing Edgemoor port shortfall. State Business Climate: Delaware’s corporate franchise regulator says entity growth and revenue are up, telling stakeholders to “mellow out” after earlier concerns about data transparency. Consumer & Finance Policy: The CFPB faces a lawsuit over a rule that narrows anti-discrimination enforcement in lending, including claims tied to automated models. Sports Betting Regulation: Ohio AG Dave Yost and 41 attorneys general urge the CFTC to recognize state authority over sports prediction markets, arguing they function like unregulated sportsbooks. Local Business Spotlight: Iron Hill Brewery reopened its Wilmington Riverfront restaurant after bankruptcy. Delaware Lottery Wins: A Wilmington man won $300,000 on Cash King, and a Maryland man won $10,000 at a Delaware Lottery trailer during NASCAR at Dover Motor Speedway.