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meVC Draper Fisher Jurvetson Fund I Inc. v. Millennium Partners LP

Three percent restriction of investment act does not apply to companies under common control.

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Judge Sand

meVC DRAPER FISHER JURVETSON FUND I, INC. v. MILLENNIUM PARTNERS — In the midst of a hard-fought proxy battle and just days before a shareholder vote scheduled for February 28, 2003, Plaintiff meVC Draper Fisher Jurvetson Fund I, Inc. (“MVC”), whose entire board of directors is up for election, brings this suit against Defendants Millennium Partners, L.P. (“MP”), MillenCo, L.P. (“Millenco”), and Karpus Management, Inc. (“Karpus”), alleging violation of §12(d)(1)(A)(i) of the Investment Company Act of 1940 (the “ICA”) (15 U.S.C. §80a-12(d)(1)(A)(i)) and §§13(d), 14(a), and 16(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) (15 U.S.C. §§78m(d), 78n(a), and 78p(b)), and seeking preliminary injunctive relief. Plaintiff claims that Defendants have violated the ICA’s prohibition on ownership by one investment company of more than three percent of another investment company’s voting stock, and violated the Exchange Act by forming a group for the purpose of buying and voting MVC shares without making the necessary disclosures, and by seeking proxies by means of false or misleading solicitations. Plaintiff requests that Millenco and its affiliates be prevented from voting more than 3 percent of MVC’s stock at the upcoming election, and that Millenco and Karpus be required to correct their proxy materials by making the necessary disclosures.

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