May 17, 2018 at 6:09 pm #182608
Update CBS Sues The Redstones over the handling of the CBS Viacom deal. Also the judge denies restraining orders on the Redstones.May 18, 2018 at 2:30 pm #182616May 23, 2018 at 5:43 pm #182641
Update CBS is challenging National Amusements over the Bylaws.
CBS is challenging in court the corporate bylaw amendments enacted by majority owner National Amusements to prevent CBS from a stock sale that would dilute NAI’s voting shares.
In a new filing obtained by Deadline, CBS told the Delaware Court of Chancery that NAI’s bylaw amendments were not effective at the time of last week’s special meeting of the CBS board of directors. At that meeting, the CBS board approved a Class A common stock dividend that would dilute National Amusements’ voting interest from approximately 79% to 17%.
According to CBS, NAI’s written content toward the bylaw amendments, which was submitted the day before the special meeting, needs at least 20 days before it can become effective.
“The existing controversy regarding the effectiveness of the Purported Bylaw Amendments is substantial, justiciable, and of sufficient immediacy to warrant the issuance of a declaratory judgment. The judgment will terminate the controversy and remove an uncertainty regarding the enforceability of the Purported Bylaw Amendments,” CBS wrote.May 23, 2018 at 5:52 pm #182643
Update on the CBS vs National Amusement lawsuit.May 29, 2018 at 2:35 pm #182713
Here is an update on the CBS/Viacom talks.June 1, 2018 at 2:20 pm #182743
Update on the CBS Lawsuit against the Redstones.June 7, 2018 at 12:00 pm #182790
Update the CBS Shareholder meeting has moved to August 10th and the Redstones lawsuit has been cited for the delay.June 12, 2018 at 1:14 pm #182821
Update the lawsuit between CBS vs. Redstones will take place in OCtober.
National Amusements and CBS Corp. are sketching out the rules of battle.
The two parties agreed to a series of court dates and timelines in preparation for what is expected to be a five-day trial over recent litigation between the large U.S. broadcaster and National Amusements, its controlling shareholder. The trial is expected to decide whether CBS can proceed with an issuance that would dilute National Amusements’ voting control of CBS. At present National Amusements controls 79% of the shareholder votes at the company.
The trial at present is slated to take place on October 3, 4 5, 8 and 9 of this year, starting at 9:15 a.m. each day.
Initial discovery between the two parties is expected to commence June 7 and be completed by August 22, according to a filing made Monday in the Court of Chancery in the State of Delaware.
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