Delaware Court

Dallas' Caldwell Cassady & Curry Adds Patent Trial Lawyer Richard Cochrane

Retrieved on:

Thursday, May 11, 2023

Amos, Texas A&M University, Southern Methodist University, Delaware Court, Innovation, Hon, District court, Gulf of Mexico, Delaware Court of Chancery, Bankruptcy, Practice of law, Science

DALLAS, May 11, 2023 /PRNewswire/ -- The Dallas intellectual property and business litigation attorneys at Caldwell Cassady & Curry are welcoming experienced litigator Richard Cochrane as the firm's newest associate.

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DALLAS, May 11, 2023 /PRNewswire/ -- The Dallas intellectual property and business litigation attorneys at Caldwell Cassady & Curry are welcoming experienced litigator Richard Cochrane as the firm's newest associate.
Mr. Cochrane joins Caldwell Cassady & Curry after building his litigation skills at an international law firm in Dallas.
His background includes representing clients in a broad range of industries before federal district courts, courts of appeal, bankruptcy courts, and the Delaware Court of Chancery.
Caldwell Cassady & Curry represents companies and individuals in high-stakes civil litigation, including patent infringement cases, trade secrets claims, fiduciary duty cases, class actions, and disputes involving company founders.

AMMO Acknowledges Receipt of Urvan Lawsuit

Retrieved on:

Thursday, May 4, 2023

GunBroker.com, Firearm, POWW, Delaware Court of Chancery, Delaware Court, Acquisition, AMMO, Telescopic sight, Security (finance)

SCOTTSDALE, Ariz., May 04, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today acknowledged receipt of a lawsuit filed by Steve Urvan in the Delaware Court of Chancery.

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SCOTTSDALE, Ariz., May 04, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today acknowledged receipt of a lawsuit filed by Steve Urvan in the Delaware Court of Chancery.
Mr. Urvan has served as a director of the Company since April 2021 when he joined the Board of Directors upon the closing of the Company’s acquisition of GunBroker.com.
In August 2022, Mr. Urvan launched a proxy contest in which he sought to replace a majority of the Board of Directors.
On April 28, 2023, Mr. Urvan filed suit against the Company and certain individuals (including some of its officers and directors) in the Delaware Court of Chancery.

OFAC Publishes Guidance With Respect to Its Authorization of the Process to Be Used to Sell the Shares of CITGO’s Holding Company for the Potential Benefit of Certain Creditors of Venezuela Including Gold Reserve

Retrieved on:

Wednesday, May 3, 2023

Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC authorization.

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Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC authorization.
OFAC’s position concerning the sales process was reported (with additional guidance provided by OFAC thereafter) in the previously announced status report that was filed by the Special Master on April 30, 2023.
PDVSA has filed a notice of appeal in respect of the decision of the Delaware Court to grant the Company, and the Other Creditors, the writs of attachment fieri facias.
This list is not exhaustive of the factors that may affect any of Gold Reserve’s forward-looking statements.

MRC Global Postpones Term Loan Refinancing Following Cornell Capital Lawsuit

Retrieved on:

Thursday, April 27, 2023

ABL, Convertible, Term loan, Delaware Court of Chancery, Delaware Court, NYSE, MRC, Security (finance)

HOUSTON, April 27, 2023 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) announced today that it has postponed its current efforts to refinance its Term Loan B, which matures in September 2024.

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HOUSTON, April 27, 2023 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) announced today that it has postponed its current efforts to refinance its Term Loan B, which matures in September 2024.
An affiliate of Cornell Capital LLC, the sole holder of MRC Global’s Series A 6.50% of Convertible Perpetual Preferred Stock, filed a lawsuit against MRC Global in the Delaware Court of Chancery to prevent MRC Global from moving forward with the previously announced refinancing of its senior secured Term Loan B.
MRC Global made the following statement:
“MRC Global sought to refinance its Term Loan B long before its maturity to take advantage of relatively favorable market conditions.
Cornell Capital’s lawsuit seeks to prevent this refinancing by claiming that Cornell Capital has a right to consent to the terms of the refinancing transaction.
Even if MRC Global does not enter into a refinancing transaction in the future, MRC Global is confident that it could repay the Term Loan debt utilizing its asset-based lending (ABL) facility and cash generated from its operations.

MRC Global Comments on Litigation Filed by Cornell Capital

Retrieved on:

Tuesday, April 25, 2023

Investment, Term loan, Delaware Court, MRC, NYSE, Cornell University, Delaware Court of Chancery, Security (finance)

HOUSTON, April 25, 2023 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) today commented on a lawsuit filed by Mario Investments LLC, an affiliate of Cornell Capital LLC, the sole holder of MRC Global’s 6.50% Series A Convertible Perpetual Preferred Stock.

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HOUSTON, April 25, 2023 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC) today commented on a lawsuit filed by Mario Investments LLC, an affiliate of Cornell Capital LLC, the sole holder of MRC Global’s 6.50% Series A Convertible Perpetual Preferred Stock.
The lawsuit, brought against the company in the Delaware Court of Chancery, attempts to prevent MRC Global from moving forward with its previously announced refinancing of its senior secured Term Loan B.
The company disputes Cornell Capital’s claim in the lawsuit that Cornell Capital has a right to consent to the refinancing.
Although we are seeking a refinancing of the Term Loan B now, it does not mature until September 2024.

Gold Reserve Granted Conditional Writ of Attachment From U.S. Delaware Court Regarding Shares in CITGO’s Holding Company

Retrieved on:

Tuesday, April 4, 2023

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ("Gold Reserve" or the "Company") is pleased to announce that it was granted a conditional writ of attachment fieri facias from the U.S. District Court of Delaware (the Delaware Court) regarding the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.

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Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) ("Gold Reserve" or the "Company") is pleased to announce that it was granted a conditional writ of attachment fieri facias from the U.S. District Court of Delaware (the Delaware Court) regarding the shares of PDV Holding, Inc. (PDVH), the indirect parent company of CITGO Petroleum Corp.
The writ of attachment is conditional and will not be effective unless and until the U.S. Office of Foreign Assets Control (also known as OFAC) has authorized transactions in the PDVH shares.
Thereafter, the Special Master is to file a status report on April 30, 2023, to update the Delaware Court on OFAC’s position.
The conditional writ of attachment provides Gold Reserve the opportunity to potentially enforce its September 2014 arbitral award and corresponding November 2015 U.S. judgement by participating in the potential sale of the PDVH shares.

AMC Stockholders Secure Major Settlement Providing Investors Additional Shares as Part of Recapitalization

Retrieved on:

Monday, April 3, 2023

Legal, Professional Services, Ape, Delaware Court of Chancery, Grant, Delaware Court, ACO, C.A., Lawyer, Grant & Eisenhofer, AMC, Common, Security (finance), Holding company

By providing meaningful consideration to common stockholders in exchange for the conversion and reverse split, the settlement will preserve over $100 million of common stockholders’ stake in the company.

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By providing meaningful consideration to common stockholders in exchange for the conversion and reverse split, the settlement will preserve over $100 million of common stockholders’ stake in the company.
The settlement consideration, comprising approximately 6.9 million post-reverse split shares, will be distributed to pre-conversion holders of AMC common stock.
Absent this case and settlement, those amendments would have gone through without any additional consideration to common stockholders.
“Our clients are pleased to have reached this successful agreement on behalf of all AMC common stockholders,” lawyers from the firms said.

Cornerstone Research Report: Volume of 2022 Delaware Shareholder Appraisal Petitions Returns to Pre-Boom Levels as Court Decisions Have Made Appraisal Litigation Riskier

Retrieved on:

Wednesday, April 5, 2023

AOL, Delaware Court of Chancery, Bankruptcy, Dell, Delaware Court, Sale, Cornerstone, Kruse, DFC, Cornerstone Research, Real estate, Retail, Jarden

BOSTON, April 5, 2023 /PRNewswire-PRWeb/ -- The annual volume of shareholder appraisal petitions filed in the Delaware Court of Chancery reverted to pre-boom levels in 2022, according to a new report by Cornerstone Research. The report, Appraisal Litigation in Delaware: Trends in Petitions and Opinions, 2006–2022, examines trends in litigation in which shareholders challenge the deal prices in proposed acquisitions. It found that following the 2013–2017 filing boom in which petitions peaked at 76 in 2016, there were 20 appraisal petitions filed in 2022. This is in line with the 2006–2012 historical average.

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BOSTON, April 5, 2023 /PRNewswire-PRWeb/ -- The annual volume of shareholder appraisal petitions filed in the Delaware Court of Chancery reverted to pre-boom levels in 2022, according to a new report by Cornerstone Research.
The report, Appraisal Litigation in Delaware: Trends in Petitions and Opinions, 2006–2022 , examines trends in litigation in which shareholders challenge the deal prices in proposed acquisitions.
It found that following the 2013–2017 filing boom in which petitions peaked at 76 in 2016, there were 20 appraisal petitions filed in 2022.
In the 2016 ruling in In re Appraisal of Dell Inc., questions were raised about the reliance on deal price in determining fair value in an appraisal context.

A New Day at Danco: Delaware Courts Clear Way for Era of Responsible Leadership and Governance at U.S. License Holder for Mifepristone

Retrieved on:

Friday, March 24, 2023

The pair of Delaware court rulings follow decades of unnecessarily protracted litigation over the various ways Daniel was extracting financial benefits through his ultimate control of the enterprise.

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The pair of Delaware court rulings follow decades of unnecessarily protracted litigation over the various ways Daniel was extracting financial benefits through his ultimate control of the enterprise.
Not only is the irrevocable proxy the fulcrum of Daniel’s control over the enterprise; it is also the largest funnel through which he draws funds from the enterprise.
During his tenure, Daniel has collected at least $10.3 million in proxy fees on top of his annual salary, which exceeds $300,000.
Daniel also receives reoccurring revenue through an entity he controls that leases office space to related MedApproach ventures.

AMC Entertainment Holdings, Inc. Announces Results of Special Meeting of Stockholders

Retrieved on:

Tuesday, March 14, 2023

Entertainment, Theatre, Film & Motion Pictures, Stock split, Delaware Court, Special, Proxy, Delaware Court of Chancery, Ape, NYSE, Judgement, Common, Computershare, AMC Theatres, APE, Shareholder, AMC, Holding company, Security (finance)

AMC Entertainment Holdings, Inc. (NYSE: AMC and APE) (“AMC” or “the Company”), the largest theatrical exhibition company in the world, announced today that its shareholders approved both the Share Increase Proposal and the Reverse Split Proposal at its Special Meeting of Stockholders held today, March 14, 2023.

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AMC Entertainment Holdings, Inc. (NYSE: AMC and APE) (“AMC” or “the Company”), the largest theatrical exhibition company in the world, announced today that its shareholders approved both the Share Increase Proposal and the Reverse Split Proposal at its Special Meeting of Stockholders held today, March 14, 2023.
Commenting on the results, Adam Aron, AMC Entertainment Chairman and CEO said, “AMC’s shareholders exercised their rights today to have their voices be heard.
If implemented, AMC should have an ability to raise a significant amount of equity capital in the months and years ahead.
Stockholders voted in favor of each proposal, as follows:
The Share Increase Proposal was approved.