(Total Views: 548)
Posted On: 08/17/2021 11:54:09 AM
Post# of 148899
z_smith: As to CYDY's Bylaws: assuming, as I will, that you have accurately quoted the referenced Bylaw language -- yes, if Judge Noreika determines that all alleged deficiencies have been cured in a timely manner, she will likely issue a preliminary injunction nullifying CYDY's disqualification of the 13D slate of director nominees.
Your quoted Bylaw language regarding timing for purposes of curing deficiencies is favorable to 13D in that the record date has been set, I believe, as Sept 1. But take note that the words " ten (10) business days prior to such Annual Meeting" are preceded by the word "and", which, under typical rules of construction, would require 13D to meet both timing deadlines, not just one or the other. So, if Judge Noreika were to rule, after the record date, that the subject deficiencies have not been adequately cured, it would be too late for further attempts to cure. Accordingly, the exercise of her discretion re how quickly she rules after submission of the parties' briefs on the cross motions for preliminary injunctions could prove crucial.
Your quoted Bylaw language regarding timing for purposes of curing deficiencies is favorable to 13D in that the record date has been set, I believe, as Sept 1. But take note that the words " ten (10) business days prior to such Annual Meeting" are preceded by the word "and", which, under typical rules of construction, would require 13D to meet both timing deadlines, not just one or the other. So, if Judge Noreika were to rule, after the record date, that the subject deficiencies have not been adequately cured, it would be too late for further attempts to cure. Accordingly, the exercise of her discretion re how quickly she rules after submission of the parties' briefs on the cross motions for preliminary injunctions could prove crucial.
(12)
(0)
Scroll down for more posts ▼