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\u201cDefendants’ motion to dismiss Count IV is GRANTED because Chatham has failed to show that the OTP (offer to purchase) omitted any facts concerning Standard General that would have been material to a reasonable stockholder deciding whether to participate in the Tender Offer,\u201d according to the ruling.<\/p>\n<\/div>\n
Count V, the hedge fund’s direct claim against director and officer defendants, was also dropped, as the court ruled the investment firm’s challenge based on $3.8 million in make-whole-payments to the director defendants, excluding Kim, wasn’t valid, nor was it material information for shareholders.<\/p>\n
At one point, Chatham, which specializes in credit trading and was previously the owner of the National Enquirer<\/i>, controlled 15 percent of Twin River. But the investment manager is no longer found among the casino operator’s top 20 investors.<\/strong><\/p>\nOne Victory For Chatham<\/h2>\n
The Chancery Court is allowing the hedge fund’s claim of breach of fiduciary duty, referred to in the filing as Count IX, to proceed against the director defendants and legal counsel Eaton. But the motion as it pertains to Carlin, the aforementioned vice president; was dismissed.<\/p>\n
News of the Chancery Court decision comes about a month after Twin River appointed<\/a> Kim to chairman of the board.<\/p>\n","protected":false},"excerpt":{"rendered":"High-ranking executives at Twin River Worldwide Holdings, Inc. (NYSE:TRWH) are in the clear in a lawsuit brought against the company by Chatham Asset Management, LLC. But the board of directors and general counsel Craig Eaton must face part of the hedge fund’s legal challenge, according to ruling by a Delware Chancery Court judge delivered on […]<\/p>\n","protected":false},"author":46,"featured_media":124258,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,60],"tags":[],"acf":[],"yoast_head":"\n
Twin River Execs Will Dodge Most of a Lawsuit by a Former Investor<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n