Guess who wasn’t very happy about a proposed $100 million shareholder class action settlement that sought to sidestep court scrutiny of its most important provisions?
Zurn said that AMC and the shareholders who sued the company but now want to settle hadn't convinced her to ditch the procedural safeguards for class action settlements.
It's not clear what this will mean for the proposed settlement, which was contingent on an accelerated process. Neither an AMC spokesperson nor AMC counsel John Neuwirth of Weil, Gotshal & Manges responded to my query. In aon Thursday at the U.S. Securities and Exchange Commission, the company said it was evaluating its next steps.
AMC and the settling plaintiffs sought to do just that in the agreement they announced this week. Under the terms of that now-stalled deal, AMC would have immediately completed a conversion of its deeply discounted preferred shares to common stock, which currently trades at much higher prices. Owners of pre-conversion common stock -- whothat they are being short-changed by the preferred share conversion -- would have quickly thereafter received one newly issued share for every 7.
In Monday’s motion, shareholders asked Zurn to lift the status quo order to allow the share conversion and new share issuance to take place right away.Zurn did not even bother to hold a hearing on whether to lift the status quo order before rejecting the request.
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