Judge denies CBS restraining order against major shareholder
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Following a hearing Wednesday, Chancellor Andre Bouchard said he could find no court precedent to Replica Bags grant the relief CBS sought in trying to prevent National Amusements Designer Fake Bags Inc. from trying to thwart a board vote scheduled for later Thursday on a dividend that would dilute National Amusement’s stock voting power from Replica Handbags 80 percent to 17 percent, effectively giving CBS independence.
high quality replica bags NAI responded by rewriting the CBS company bylaws to require a “supermajority” to approve the dilutive dividend. high quality replica bags
The legal filings come as CBS, led by CEO and chairman Les Moonves, pushes back against pressure by National Amusements to merge with Viacom, which also is controlled high quality replica handbags by National Amusements.
good quality replica bags CBS and Viacom were once part of the same company, known as Viacom, but were split in 2005 into separate entities, both controlled by Sumner Redstone. Shari Redstone has been pushing to reunite the companies under one corporate umbrella, cheap replica handbags but a CBS special board committee concluded Sunday that the merger would not be in the company’s best interest. good quality replica bags
replica designer bags While denying the restraining order, Bouchard noted that CBS could still file a court challenge if NAI takes actions that are inconsistent with its fiduciary obligations to the company and to other wholesale replica designer handbags shareholders. replica designer bags
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The judge concluded that NAI had the stronger legal position. He cited a Fake Handbags previous Delaware court ruling that said a controlling shareholder has a right to take a pre emptive first move to protect its control interest in the face of company’s plan to dilute that voting control.
“Exercise of that right, of course, is subject to judicial review, which can afford full relief in this circumstance in my opinion to vindicate Replica Designer Handbags the interests of CBS and its replica Purse stockholders, if appropriate,” Bouchard said.
replica bags china NAI issued a statement saying KnockOff Handbags the ruling vindicates its right to protect its interests. replica bags china
“As we intend to demonstrate as the case proceeds, the actions of CBS and its special committee amount to a grievous breach of fiduciary duties and show no regard for the significant risk posed to CBS and its investors,” the statement read.
designer replica luggage CBS officials noted that Bouchard found that the allegations in its lawsuit were sufficient to state a plausible legal claim for breach of fiduciary duty against Redstone and NAI. designer replica luggage
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best replica bags CBS also confirmed that Thursday’s board meeting would take place as scheduled. It remains unclear, Wholesale Replica Bags however, whether any decision to dilute NAI’s voting power would stand. best replica bags
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