Investor Sues to Block HP's Palm Buy
May 7, 2010, 12:46 PM by Philip Berne
A Palm investor is suing the company over the treatment of common shareholders in the proposed HP buyout of the WebOS maker. Specifically, Business Week is reporting that investor Steve Ubaney believes preferred stock shareholders, including Palm investor Elevation Partners LP, got a much higher price for their preferred Series B shares. Ubaney claims that these share should have been valued the same as common shares in a Palm buyout, and he is suing to block the purchase and for unspecified damages.
"I'm not making as much money as I want"
Isn't it wonderful the way people think?
"So I'll sue the company to make sure it can't sell, it goes out of business, and I get nothing"
Actually, that's not true. He'll get years of Chapter 7 bankruptcy liquidation and litigation. After that'...