Lions Gate court victory forces vote on Image board.LIONS Gate Entertainment
DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. distributor Image Entertainment Inc. to put all six seats on its board up for election at this year's annual meeting in October. A Delaware judge sided with Vancouver. B.C.-based Lions Gate, which has significant operations in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. and owns 19 percent of Image Entertainment's shares. The independent movie studio earlier said that it had lost confidence in Chatsworth-based Image Entertainment board's "ability and desire to maximize stockholder value," and may run a slate of candidates for the board. The ruling is seen as a boost for Lions Gate's takeover bid of Image Entertainment, which owns an extensive TV and film library. Lions Gate last fall offered to buy the company for $4 a share. but Image's board said the price was inadequate. Image Entertainment changed its corporate bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an to allow for staggered elections so that only a few seats on its board would be up for election at the 2006 annual meeting, Lions Gate said in the suit. Chancellor William B. Chandler III of Delaware's Court of Chancery court of chancery n. pl. courts of chancery A court with jurisdiction in equity. Noun 1. court of chancery - a court with jurisdiction in equity chancery ruled that the change cannot take place this year, in part because Image Entertainment couldn't prove what its shareholders could understand from the corporate documents. An Image Entertainment spokesman declined to comment on the ruling. |
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