Police Fund v. Bradbury (Amylin)

VERDICT

Trial
05/04/09 – 05/04/09

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Summary

The Amylin case is a 2-day trial to determine the validity of a "poison put" takeover defense that would protect Amylin's board of directors from being replaced. Carl Icahn, who owns 9.4% of Amylin, and the hedge fund Eastbourne Capital, which owns 12% of Amylin, are attempting to gain control of Amylin. Each has nominated five directors.

The "poison put" provision adopted by Amylin's board allows bondholders to seek repayment of hundreds of millions of dollars if a majority of the board is replaced.

The named parties are a pension fund that owns stock in Amylin and Amylin CEO Daniel Bradbury. Carl Icahn has also requested to join the lawsuit as an individual plaintiff.

Outcome

Count I- judgment was entered for the defendants
Count II- was rendered moot by the parties and was dismissed
Count III- granted to an extent and was otherwise held to be unripe for adjudication at the time and therefore dismissed without prejudice

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