Del. Justices Mull Bylaws, Deadlines In BlackRock-Saba Row
Law360, Dover (December 4, 2019, 6:14 PM EST) -- Two BlackRock Inc. funds stressed bylaws and blown deadlines to the Delaware Supreme Court on Wednesday in their appeal of a preliminary injunction that barred them from rejecting an activist hedge fund’s slate of candidates for board elections held by both entities earlier this year.
At issue was a partial decision by Delaware Chancery Court Vice Chancellor Morgan T. Zurn in late June that granted Saba Capital Master Fund Ltd. a preliminary injunction allowing its four-candidate, outsider slate to enter board races for BlackRock Credit Allocation Income Trust and BlackRock New York Municipal Bond Trust, affiliates of BlackRock Inc., one of the world's...
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