Why Stockholders Eat Popcorn For Breakfast
An update from the front row of AMC Entertainment Holdings, Inc., a historic ruling from the Chancellor, (more!) briefing in Tornetta v. Musk, and Tesla v. Delaware DMV.
Admittedly, the pandemic years exacerbated all sorts of strange human behavior, and despite the clickbait subject line, I can’t actually explain why anyone would even pretend to eat popcorn for breakfast, but suffice it to say that AMC stockholders do all sorts of strange things, such as post things like this on Twitter:
Given that was tweeted in the afternoon, let’s hope the joke is on us for being jejune enough to give credence to the text and the implication of sticking a spoon in an otherwise innocuous bowl of buttered popcorn.
Anyhoo, the APE 0.00%↑ and AMC 0.00%↑ stockholders held their vote yesterday and the results are in (passed with a quorum, but without a majority of the outstanding AMC stockholders voting), but pursuant to the agreement between the parties and order of the Court, Defendants shall not amend AMC’s certificate of incorporation as a result of the vote pending a ruling by the Court on Plaintiffs’ to-be-filed preliminary injunction motion.
There are plenty of things to update you on and far too little time to put them all into digital ink. So, here are some rapid-fire answers to questions I’ve been receiving on repeat via DM and email, and some links to interesting things happening around the Delaware courts that you should know about!
Let’s dive in. 🍿
What’s up with the motion to dismiss filed by the AMC Director Defendants?