According to the reuters.com report, John Malone's Liberty Media took over the satellite radio broadcaster in January. The media holding firm had loaned Sirius $530 million in rescue financing in 2009, and as part of that deal Sirius' board reached an agreement not to take any defense measures against a Liberty acquisition after a three-year stalemate.
In a statement following the report, DigitalOlympus.com principal researcher Josh Cole commend the decision of the judge in dismissing the lawsuit opposed to Sirius acquisition by Liberty Media. However, Cole suggested that it is important for firms to consult experts in corporate investigations prior to a deal to prevent unwarranted litigation.
Furthermore, the reuters.com news piece indicated that the litigation by Sirius stockholder City of Miami Police Relief and Pension Fund alleged the Sirius board of stopping it and handing over its duty to shareholders.
Hals’s report clearly points that “Leo Strine, the chief judge or chancellor on the Delaware Court of Chancery, said in his 24-page opinion that Liberty Media is entitled to the deal it struck in 2009. He also said the deal was fully disclosed and shareholders waited too long to sue.”
Responding to the news story, DigitalOlympus.com spokesperson made reference to the statement of the judge that the transaction was absolutely disclosed and shareholders waited too long to sue. “In situations like this, firms and individual can seek litigation support services from firms that specialize in such field to make their case stronger.”
As a finance and technology research firm, DigitalOlympus.com is committed to promoting the adoption of due diligence policies and procedures that can help companies improve their practices with respect to records and internal controls.
About DigitalOlympus.com
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