Offbeat Delaware judge rules for Redstone family in CBS dispute

19:31  17 may  2018
19:31  17 may  2018 Source:   reuters.com

CBS sues Redstone company over Viacom merger

  CBS sues Redstone company over Viacom merger CBS Corp on Monday asked a court to block controlling shareholder Shari Redstone from interfering at a special meeting of its board called to consider a merger with Viacom. The news of the lawsuit, filed to a Delaware court and also seeking to dilute the 79 percent voting rights in CBS held by Redstone's National Amusements Inc, pushed the network's shares up nearly 1 percent and those in Viacom down 6 percent.National Amusements, a privately held movie theater company owned by Sumner Redstone and his daughter Shari, own a majority of the voting shares in both companies.

A Delaware court ruled in 2004 that the Hollinger board could dilute Black’s voting control in response to what it considered to be the damage he had done to the company. “Ms. Redstone has acted to undermine the ( CBS ) management team, including, without board authority

Delaware Chancery Court Judge Andre Bouchard has cleared the way for a medical exam of Viacom controlling NAI controls 80% of the voting shares of Viacom and of CBS . Viacom says that Redstone has lost the capacity to make He urged the court to move quickly to resolve the governance dispute .

A Delaware judge said Thursday he would not block Shari Redstone from exerting control over the board of CBS, which was considering stripping her voting power in defiance of her push to merge the media company with Viacom.

The CBS board was scheduled to meet later Thursday to consider issuing a special dividend that would dilute Redstone's vote to 17 percent from 80 percent.

A CBS special board committee had sought a temporary restraining order from the court because the directors feared Redstone would replace the board before the meeting.

The Redstone family controls both CBS and Viacom through its National Amusements Inc, a movie theater company. National Amusements welcomed the ruling, and said CBS's special committee had breached its fiduciary obligations to CBS shareholders.

Delaware becomes first state to fully ban child marriage

  Delaware becomes first state to fully ban child marriage Delaware has become the first state in the nation to completely ban marriage for anyone under 18. Democratic Gov. John Carney on Wednesday signed into law the measure that makes it illegal for minors to get married, even if their parents approve. Previously, anyone could get married in the state at any age with a judge's approval.Democratic Gov. John Carney on Wednesday signed into law the measure that makes it illegal for minors to get married, even if their parents approve. Previously, anyone could get married in the state at any age with a judge's approval.

If the judge rules in Michael Redstone 's favor, there will be a subsequent trial to determine what he is owed. Suit against Redstone is ruled `too late' July 28, 2007. Lawsuit Hints at Family Dispute February 14, 2006.

Delaware Chancery Court Judge Andre Bouchard has cleared the way for a medical exam of Viacom controlling NAI controls 80% of the voting shares of Viacom and of CBS . Viacom says that Redstone has lost the capacity to make He urged the court to move quickly to resolve the governance dispute .

"The court’s ruling today represents a vindication of National Amusements’ right to protect its interests," the company said in a statement.

The judge, Chancellor Andre Bouchard, said his ruling does not end the dispute, but that he expected to continue to have oversight of the company's actions, and said Redstone had a fiduciary obligation as a controlling shareholder.

On Wednesday, Shari Redstone used her control over the company to amend the bylaws to essentially block the issuance of a special dividend aimed at cutting her voting power.

Bouchard noted in his ruling he could set aside Redstone's bylaw change if the court finds it invalid or unfair to shareholders.

Shari Redstone sitting in front of a television © Mike Cohen for The New York Times Shari Redstone

U.S. court backs transgender student at center of bathroom dispute .
A U.S. judge on Tuesday ruled that federal law protects a transgender student who fought all the way to the Supreme Court for the right to use a bathroom at a high school in Virginia that corresponded with his gender identity. U.S. District Judge Arenda Wright Allen rejected a bid by the Gloucester County School Board to dismiss the lawsuit filed by student Gavin Grimm. In doing so, the judge found that Grimm is covered by a federal law that bars discrimination in education. Grimm graduated from high school in June 2017.Grimm, 19, was born a girl and identifies as male.

—   Share news in the SOC. Networks
This is interesting!