WEST PALM BEACH, FL (HEDGECO.NET) – The Delaware Court of Chancery has dismissed a lawsuit brought by one of Highland Capital Management\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s hedge funds seeking to force Motient to turn over its books and records for Highland\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s inspection.<\/p>\n
Highland\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s Select Equity Fund filed the lawsuit under section 220 of the Delaware Corporate Code, the Court found that Highland had \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201creasonable grounds to suspect corporate misconduct\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d by Motient\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s management, but dismissed the request for Motient\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s records. Highland has filed an appeal.<\/p>\n
In a statement to the press Highland said, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cAs major shareholders, we have a right to the requested information\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u00a6.and if Motient\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s current management were truly acting in the stockholders\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 best interests, it would not need to take extraordinary steps to block stockholders\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 access to information about Motient\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s affairs.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d<\/p>\n
Motient\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s General Counsel, Robert Macklin, said in a statment from Motient, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cHighland has filed multiple lawsuits against Motient and is trying to force Motient to repurchase a major part of its ownership interest at a price that would represent a direct transfer of value from all of Motient\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s other stockholders to Highland.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d<\/p>\n
Motient is the controlling shareholder of TerreStar Networks Inc., a minority shareholder of Mobile Satellite Ventures LP. TerreStar and MSV<\/span> are both in the process of developing wireless service by integrating land-based towers and satellites.<\/p>\n Highland Capital Management, L.P. is an SEC<\/span>-registered investment adviser based in Dallas, with offices in New York and London. They specialise in credit and alternativeinvestment investing. Highland Capital currently manages over $25 billion in leveraged loans, high yield bonds, structured products and other assets for banks, insurance companies, pension plans,foundations, and high net worth individuals.<\/p>\n Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" WEST PALM BEACH, FL (HEDGECO.NET) – The Delaware Court of Chancery has dismissed a lawsuit brought by one of Highland Capital Management\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s hedge funds seeking to force Motient to turn over its books and records for Highland\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s inspection. Highland\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s Select […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4697","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4697"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4697\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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