Friday, May 1, 2009

Live Coverage of Amylin Poison Put Dispute with Dissident Investors

Courtroom View Network (CVN) will provide a live and on demand video webcast of the Police Fund v. Bradbury (Amylin) trial beginning Monday, May 4 in the Delaware Court of Chancery.

At issue in the 2-day trial is 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 Eastbourne Capital, which owns 12% of Amylin, are each attempting to replace five directors on the twelve person board.

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.

Click here to read a summary of this situation from Hedge Fund Solutions' weekly research report on activist investing.

Click here to read a Bloomberg article.

Click here to subscribe to CVN.