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Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Berkshire owns 80% of Pilot, having paid the Haslams $2.76 billion for a 38.6% stake in 2017 and $8.2 billion for another 41.4% in January. The Haslams sued Omaha, Nebraska-based Berkshire in October, accusing it of seeking a "windfall" by adopting "pushdown" accounting for Pilot. Berkshire countersued on Nov. 28, saying Jimmy Haslam tried to bribe Pilot executives with millions of dollars to inflate earnings in 2023 at the expense of future years. According to court papers, the Haslams believe the 20% Pilot stake was worth $3.2 billion before Berkshire's accounting change, an amount Berkshire disputes.

Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Jimmy Haslam, Chancellor Morgan Zurn, Haslam, Zurn, Berkshire, Berkshire countersued, Tom Hals, David Holmes Organizations: Berkshire Hathaway, REUTERS, Rights, Travel Centers, Cleveland Browns, Berkshire, Pilot, Thomson Locations: Omaha , Nebraska, U.S, Rights WILMINGTON , Delaware, Delaware, Delaware's, Berkshire, Knoxville , Tennessee, Wilmington , Delaware

The ruling sent the shares of the company's preferred stock soaring 27%. The company's common stock fell 27%. Under the approved class action settlement, AMC will provide stock worth an estimated $129 million to holders of its common stock to settle potential legal claims related to a stock conversion plan. Without the proposed settlement, common stockholders and preferred shareholders would end up owning 34.28% and 65.72% of AMC, respectively. Under the proposed settlement, common stockholders and preferred shareholders would own 37.15% and 62.85%, respectively.

Persons: Brendan McDermid, Chancellor Morgan Zurn, Zurn, Tom Hals, Deepa Babington Organizations: AMC Theatre, REUTERS, AMC Entertainment Holdings, AMC, Delaware, AMC Entertainment Holdings Inc, Chancery, Thomson Locations: New York City, U.S, WILMINGTON , Delaware, Delaware, Wilmington , Delaware

Companies AMC Entertainment Holdings Inc FollowJuly 23 (Reuters) - AMC Entertainment's (AMC.N) chief executive officer on Sunday said the company filed a revised petition for a stock conversion plan that would allow the company to issue more shares. Aaron also mentioned that in a March 14 special election a majority of the AMC common shareholders and preferred shareholders supported his views on the stock conversion. Delaware Vice Chancellor Morgan Zurn on Friday denied approval as the deal would also settle potential claims by preferred shareholders who were not represented in the lawsuit. The company was sued in February for allegedly rigging a shareholder vote that would allow AMC to convert preferred stock to common stock and issue hundreds of millions of new shares. The settlement's backers want Zurn to weigh the new version of the deal without seeking additional comment from AMC shareholders, according to a Bloomberg news report.

Persons: Adam Aaron, Aaron, Chancellor Morgan Zurn, Shubhendu Deshmukh, Chris Reese Organizations: AMC Entertainment Holdings, AMC, Sunday, Delaware Court, Delaware, Bloomberg, Thomson Locations: Delaware, Bengaluru

Companies AMC Entertainment Holdings Inc FollowJuly 21 (Reuters) - A judge on Friday blocked a proposed settlement on AMC Entertainment Holdings' (AMC.N) stock conversion plan that would allow the company to issue more shares, sending its common shares soaring and preferred shares down in after-hours trading. AMC shares were up 69% at $7.44 in trading after the bell. The company was sued in February for allegedly rigging a shareholder vote that would allow AMC to convert preferred stock to common stock and issue hundreds of millions of new shares. Without the proposed settlement, common stockholders and preferred shareholders would end up owning 34.28% and 65.72% of AMC, respectively. While the deal would compensate common stock holders for the dilution, they had no right to settle potential claims by holders of preferred stock, Zurn wrote on Friday.

Persons: Chancellor Morgan Zurn, Zurn, Jody Godoy, Franklin Paul, Deepa Babington, Chris Reese Organizations: AMC Entertainment Holdings, Delaware, AMC, AMC Entertainment Holdings Inc, Thomson Locations: Delaware

☆ Judge denies approval of AMC shareholder settlement
▼ + stars: | 2023-07-21 | by ( ) edition.cnn.com time to read: +1 min

A judge on Friday blocked a proposed settlement on AMC Entertainment Holdings’ stock conversion plan that would allow the company to issue more shares, sending its common shares soaring and preferred shares down in after-hours trading. AMC shares were up 69% at $7.44 in trading after the bell. Its preferred shares were down 20% at $1.43. The company was sued in February for allegedly rigging a shareholder vote that would allow AMC to convert preferred stock to common stock and issue hundreds of millions of new shares. The conversion would dilute the common stockholders’ ownership, but allow AMC to pay down some of its $5.1 billion in debt.

Persons: Chancellor Morgan Zurn, Zurn, “, ” Organizations: AMC Entertainment Holdings, Delaware, AMC

The deal would provide holders of AMC common stock with shares worth an estimated $129 million to resolve allegations the company rigged a shareholder vote against them. More than 2,800 people objected to the settlement, which requires approval by Delaware Vice Chancellor Morgan Zurn to move forward. Rose Izzo, a Delaware resident who first invested in AMC in 2021, objected to the deal. The company's answer was to create preferred stock, which has traded at a steep discount to AMC's common stock. In February, AMC proposed a vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.

Persons: Chancellor Morgan Zurn, Rose Izzo, Theodore Kittila, Mark Lebovitch, Lebovitch, Jody Godoy, Matthew Lewis Organizations: AMC Entertainment Holdings, AMC, Delaware, GameStop, AMC Entertainment Holdings Inc, Thomson Locations: Delaware, Pennsylvania, New York

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