It remains unclear, Wholesale Replica Bags however, whether

Judge denies CBS restraining order against major shareholder

best replica bags online DOVER, Del. (AP) A Delaware judge refused Thursday to grant CBS Corp. a restraining order against its majority Handbags Replica shareholder in a power struggle that could Replica Bags Wholesale decide control of replica handbags china the company. best replica bags online

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

7a replica bags wholesale “Balancing replica handbags online the relevant considerations here implicates an apparent tension in our law between a controlling stockholder’s right to protect its control position Fake Designer Bags and the right of independent directors empowered. 7a replica bags wholesale

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

luxury replica bags “While we are disappointed that the replica bags judge did purse replica handbags not grant a TRO, the ruling clearly recognizes that we may bring further legal action to challenge any actions by NAI that we consider to be unlawful, and we will do so,” the company said in aaa replica designer handbags a prepared statement. luxury replica bags

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

replica bags from china “By any reckoning, the dividend proposal is an extraordinary measure, presumably reflective of the depth of concern the independent members Designer Replica Bags of the special committee have about Ms. Redstone’s intentions,” Bouchard noted in his ruling replica bags from china.

By admin , August 18, 2014


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