The Honorable Paul A. Fioravanti Jr., vice chancellor of the Delaware Court of Chancery. Courtesy photo Chancery Ruling in Shareholder's Favor Finds Dividend Document Wasn't Ambiguous
Vice Chancellor Paul Fioravanti found that with a dictionary definition of "day" as a 24-hour period and the fact that "trading day" and "business day" were both terms defined within the same document but not used, there was no way for the court to interpret the certificate to mean trading days rather than calendar days.
March 17, 2021 at 05:36 PM
3 minute read
One tech corporation is required to pay another dividends at the agreed-upon rate even if its market capitalization drops back down, a Court of Chancery opinion ruled Tuesday.
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