Wednesday, April 7, 2010

The fighting over EMAK continues

In February, the fighting over control of California based marketing company EMAK Worldwide created a significant precedent in the courts of the state of Delaware, regarding vote buying claims in the context of consent solicitation campaigns, the mechanics of votes held in “street name,” given the federally mandated system of indirect ownership through the Depository Trust Company (DTC), and the absence of any provision in Delaware law that would a consent solicitation campaign to terminate the service of an incumbent director by reducing the number of seats.

Here's what the folks at Paul Weiss had to say about the result.

That decision put the former "outs" on the corporate "inside," but it didn't end the
fighting. EMAK has put out this statement that makes that clear.

The whole mess seems to have been catalyzed by the faling out between EMAK and its one-time prized client Burger King.