Delaware Supreme Court Upholds Net Operating Loss Poison Pill
Mondaq Business Briefing › United States Law Articles in English (2010)
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Delaware Supreme Court Upholds Net Operating Loss Poison Pill
Originally published October 11, 2010
Keywords: Delaware Supreme Court, poison pill, net operating losses, NOLs, rights plan, Versata, Selectica In Versata Enterprises Inc. v. Selectica, Inc., No. 193, 2010 (Del. Oct. 4, 2010), the Delaware Supreme Court addressed the validity of a shareholder rights plan, or "poison pill," for the first time in a number of years. The court upheld the adoption of a poison pill with a 4.99 percent trigger designed to protect a company's net operating losses (NOLs) and the subsequent adoption of a "reloaded" poison pill to protect against future threats to those net operating losses. Background Selectica, a micro-cap software company that had experienced losses each year followi...See the full content of this document
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