Altaba Noteholder Suit Tossed By Del. Chancery Judge
By Vince Sullivan (June 28, 2018, 10:58 PM EDT) -- Yahoo Inc. successor company Altaba Inc. successfully argued Thursday that a suit by noteholders was not supported by the note's indenture documents, persuading a Delaware Chancery Court judge to dismiss the case.
Vice Chancellor J. Travis Laster agreed with the company's arguments that noteholder claims that they were entitled to an enhanced recovery of shares for their convertible notes after Yahoo sold its operating assets to Verizon Inc. for $4.5 billion last year did not hold up because the transaction was not a "make-whole fundamental change" that would trigger the recovery.
"As far as I'm concerned, the quantitative aspect is so...
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