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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.

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Comments

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This forum is closed.

Menno

May 7, 2010, 1:06 PM

"I'm not making as much money as I want"

"So I'll sue the company to make sure it can't sell, it goes out of business, and I get nothing"

Isn't it wonderful the way people think?
/sarcasm

diggitydogg76

Greed does amazing things!

...

Slammer

Many investors of Haloid Corp back in the sixties thought the same as this guy when Xerox took over. They sold their stock. The ones that held on, made millions!

...

trojandrew

no joke, what an idiot /boggle. I would be STOKED that Palm stock went up immediately by 25% at the announcement of the purchase? I haven't checked recently, but I'm sure it's better then the continual downward spiral it would have been on.

...

algorithmplus

Menno said:
"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'...
(continues)

Amarantamin

What exactly was damaged, anyways? This guy's ego? Stocks are a risk, companies go under, and paying a lawyer to whine when he loses money benefits nobody. What a pompous prick.

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