Domain B – A Delaware state court judge has blocked a bid by Daniel S Loeb, founder and chief executive of Third Point LLC, a New York-based hedge fund with a portfolio worth $14 billion, to overturn a crucial corporate defence at auction house Sotheby’s.
In a ruling issued last evening, Donald F Parsons, a vice chancellor of Delaware’s Court of Chancery, did not overturn a so-called poison pill plan that limited Loeb’s stake to not over 10 per cent of Sotheby’s shares, while allowing passive investors to hold as much as 20 per cent.
