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D.E. Shaw says wins partial judgment in lawsuit against Archon over accrued dividends
By Lisa Kerner
Charlotte, N.C., Aug. 12 - The U.S. Court, District of Nevada issued a partial summary judgment in favor of the plaintiff D.E. Shaw Laminar Portfolios, LLC in its filing against Archon Corp.
The complaint generally concerned the exchangeable redeemable preferred stock of Archon and the computed price for its previously noticed redemption of the preferred stock, according to a form 8-K filed with the Securities and Exchange Commission.
D.E. Shaw contended that the price, as calculated, was incorrect, the filing said.
The court issued a partial summary judgment in favor D.E. Shaw regarding a portion of the complaint and additionally granted a motion to strike certain affirmative defenses of Archon, it was noted in the filing.
Archon said in the filing that it is considering its legal options, including a possible appeal of both decisions.
D.E. Shaw, along with Mercury Real Estate Securities Fund LP and Black Horse Capital LP, filed suit in Nevada against Archon almost one year ago.
It was previously reported that the shareholders sought damages as the result of what they believed to be a breach of the certificate of designation of the preferred stock, dated Sept. 30, 1993. In addition, the shareholders wanted the dividends to be properly calculated and compounded according to the terms of the certificate in an amount no less than $7,235,351 up through and including the date of final judgment.
Mercury, in a previous SEC filing, alleged the accrued dividends on and liquidation preference of the preferred stock had been miscalculated and misrepresented by the company in Archon's public filings.
Archon is a Las Vegas casino operator.
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