Wednesday, September 02, 2009

And the hits keep on coming!

So, with the ink hardly dry on the Marvel Disney deal, the lawyers are tuning up their briefs. According to a blog post in The Wall Street Journal’s Law Blog:

But now, no sooner than the ink has dried on the deal, comes a lawsuit. According to Bloomberg, a Marvel shareholder sued in the Delaware Chancery Court alleging that Marvel directors failed to conduct an appropriate sales process. The plaintiff, shareholder Christine Vlatos, is seeking a court order barring the deal as well as unspecified damages. (Complaint not available.) Marvel did not immediately return a call to Bloomberg.

The post goes on to say...

“It sounds like a Revlon claim,” said Chiappinelli, referring to the 1986 Delaware Supreme Court decision Revlon v. MacAndrews & Forbes Holdings. “Under Revlon, directors have a duty to try to get the best price for their shareholders. They don’t have to get the best price, necessarily, just an obligation to try to get the best price.”

Who knows where this will lead, but I’m thinking that someone is going to need a good lawyer.

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