![]() Everyone loses if AMC can’t recapitalize by converting the APE units into common stock, class counsel told Zurn earlier Thursday.Īlthough the APEs may not initially have done much harm, AMC “weaponized” the preferred units by selling a 30% bloc to hedge fund Antara Capital LP in an effort to tilt the scales before a key investor vote, according to Mark Lebovitch of Bernstein Litowitz Berger & Grossmann LLP, who represents the pension fund and an individual shareholder leading the litigation. ![]() The statements came after attorneys leading the class action and lawyers for the company urged the judge to approve the deal earlier in the hearing, which is set to continue Friday. They were ultimately stabbed in the back by the very people they saved.” “A group of stockholders saved a company that they believed was being destroyed by Wall Street insiders. “Why are people loud? Why are people upset? Why are people angry right now? Because they’re feeling like they’re not being heard,” he told Vice Chancellor Morgan T. The “grossly unfair” agreement gives AMC’s board a free pass for its bad behavior and sends the message that companies can engage in illegal corporate engineering, then “just kick out additional shares to people and pay them off,” according to Kittila. ![]() The proposed settlement would force investors to give up too much in exchange for too little, Ted Kittila of Halloran Farkas & Kittila LLP, an attorney representing settlement objector Rose Izzo, told Delaware’s Chancery Court. broke its pledge not to convert its preferred equity units into common stock, one of the company’s “meme stock” investors said Thursday, objecting to a nine-figure settlement that would end litigation over the distressed cinema chain’s so-called APE units.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |