Madison Square Garden Entertainment’s board has agreed to settle for $85 million a shareholder suit accusing it of failing to protect stockholders’ interests when it merged with Msg Networks.
The deal will be covered by the board’s insurers, according to a securities form filed on Wednesday. There was no admission of wrongdoing.
The suit filed in 2021 accused the Dolan family of engineering the merger, “overpaying for Msgn and diluting Msge’s public stockholders,” to further their own interests and enhance their voting stake. Shareholders alleged that the deal was meant to fund, among other projects, the $1.9 billion Msg Sphere project in Las Vegas, which is set to open this year. They also claimed that the deal was consummated at an unfair price because it took advantage of the pandemic’s impact on Msge’s business, which primarily consists of hosting live events. Three suits were filed in Delaware Chancery court and later consolidated.
The deal will be covered by the board’s insurers, according to a securities form filed on Wednesday. There was no admission of wrongdoing.
The suit filed in 2021 accused the Dolan family of engineering the merger, “overpaying for Msgn and diluting Msge’s public stockholders,” to further their own interests and enhance their voting stake. Shareholders alleged that the deal was meant to fund, among other projects, the $1.9 billion Msg Sphere project in Las Vegas, which is set to open this year. They also claimed that the deal was consummated at an unfair price because it took advantage of the pandemic’s impact on Msge’s business, which primarily consists of hosting live events. Three suits were filed in Delaware Chancery court and later consolidated.
- 3/16/2023
- by Winston Cho
- The Hollywood Reporter - Movie News
A seven-year old lawsuit alleging billionaire John Malone was illegally compensated through a side deal in Charter’s 2015 acquisition of Time Warner Cable has settled for $87.5 million.
A proposed deal filed on Friday in a Delaware court notes that the money will be paid to Charter. Malone and other defendants named in the suit made no admission of wrongdoing.
In 2015, a Charter investor sued Malone and other directors on the company’s board alleging impropriety in its $78.7 billion merger with Time Warner Cable. According to the complaint, Malone’s Liberty Broadband forced the deal to be structured in a way favorable for his company and detrimental to Charter.
At the time, Liberty Broadband was Charter’s largest shareholder, with a 26 percent stake. The deal provided Malone an all-stock consideration in shares Liberty held in Time Warner Cable. Other investors got a mix of stock and cash.
The suit also alleged...
A proposed deal filed on Friday in a Delaware court notes that the money will be paid to Charter. Malone and other defendants named in the suit made no admission of wrongdoing.
In 2015, a Charter investor sued Malone and other directors on the company’s board alleging impropriety in its $78.7 billion merger with Time Warner Cable. According to the complaint, Malone’s Liberty Broadband forced the deal to be structured in a way favorable for his company and detrimental to Charter.
At the time, Liberty Broadband was Charter’s largest shareholder, with a 26 percent stake. The deal provided Malone an all-stock consideration in shares Liberty held in Time Warner Cable. Other investors got a mix of stock and cash.
The suit also alleged...
- 3/4/2023
- by Winston Cho
- The Hollywood Reporter - Movie News
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A Delaware judge last week gave Elon Musk until Oct. 28 to follow through on his promise to buy Twitter. In granting the stay, Chancellor Kathaleen McCormick relied on representations from the Tesla CEO that the contract governing the purchase is valid and binding.
There are two paths the case can now take, with one being that the debt is funded and the merger closes. The other possibility is that Musk can’t secure the financing, and the case goes to trial in November. In that scenario, he might be blocked from taking any position inconsistent with his motion seeking the stay under the so-called legal doctrine of judicial estoppel, legal observers say. They point to his newfound position, stated in a proposed order to delay the trial, that the merger agreement is “enforceable,” that both sides “remain bound by their terms and conditions,...
A Delaware judge last week gave Elon Musk until Oct. 28 to follow through on his promise to buy Twitter. In granting the stay, Chancellor Kathaleen McCormick relied on representations from the Tesla CEO that the contract governing the purchase is valid and binding.
There are two paths the case can now take, with one being that the debt is funded and the merger closes. The other possibility is that Musk can’t secure the financing, and the case goes to trial in November. In that scenario, he might be blocked from taking any position inconsistent with his motion seeking the stay under the so-called legal doctrine of judicial estoppel, legal observers say. They point to his newfound position, stated in a proposed order to delay the trial, that the merger agreement is “enforceable,” that both sides “remain bound by their terms and conditions,...
- 10/14/2022
- by Winston Cho
- The Hollywood Reporter - Movie News
Lauren Hartwin.
As a mother of six, Lauren Hartwin often felt guilty that she was so busy and overwhelmed she did not have time to read books to her kids each day.
So she improvised, making up stories that were silly, funny, serious, educational and life-experience related, with her children as the characters.
After discovering a lot of other parents were in the same predicament, she decided to create her own YouTube channel for children and families, focusing on entertainment, education, development, imagination and the joy of reading.
Professionally produced by 13th Street Films, The Big Blue Chair – Story Time launched on YouTube last month and she is looking to broaden the reach on other platforms.
“At present the production is fully self funded, a passion project that I am hoping to expand and market further afield,” the Brisbane-based actor, model, writer and presenter tells If.
Her “day job” is...
As a mother of six, Lauren Hartwin often felt guilty that she was so busy and overwhelmed she did not have time to read books to her kids each day.
So she improvised, making up stories that were silly, funny, serious, educational and life-experience related, with her children as the characters.
After discovering a lot of other parents were in the same predicament, she decided to create her own YouTube channel for children and families, focusing on entertainment, education, development, imagination and the joy of reading.
Professionally produced by 13th Street Films, The Big Blue Chair – Story Time launched on YouTube last month and she is looking to broaden the reach on other platforms.
“At present the production is fully self funded, a passion project that I am hoping to expand and market further afield,” the Brisbane-based actor, model, writer and presenter tells If.
Her “day job” is...
- 4/13/2020
- by The IF Team
- IF.com.au
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