Panavision Suit Settlement Rejected
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Bloomberg News
A judge rejected billionaire Ronald Perelman’s proposed $14.75-million settlement of investor lawsuits over the sale of his stake in movie camera maker Panavision Inc.
Delaware Chancery Court Judge Leo Strine ruled that the agreement shortchanged investors in Perelman-controlled licorice maker M&F; Worldwide Corp. M&F;’s board bought Perelman’s Panavision shares for $128 million in April 2001. Strine said the amount of the settlement wasn’t enough to justify dropping the suits.
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