E3 2008: Which games won and lost at this year's E3?
E3 2008: Who won the E3 press conference battle?
E3 2008: All news from Sony, Ninty and MS confs
March 11th, 2008 @ 07:04
According to this, a Take-Two investor is bringing legal action again ZelnickMedia - the company in charge of Take-Two - for giving itself a substantial financial reward in the instance of a take-over and “asks for the enforcement of stockholders’ right to nominate and elect directors at Take-Two’s 2008 annual meeting.”
“While the original management agreement was negotiated with stockholders owning 46% of Take-Two’s stock, the amendment was entered into without stockholder approval,” the suit alleges. “The amendment itself is not subject to stockholder approval.”
The new agreement allows for a hike in ZelnickMedia’s monthly management fee from $62,500 a month to $208,333 a month, said the suit. The maximum annual bonus for ZelnickMedia also was increased to $2.5 million a year from $750,000.
The company’s annual meeting takes place on April 10.
Del.icio.us | Digg | Share on Facebook
You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
You must be logged in to post a comment.
Leave a Reply