Investor Lynn Tilton suggested she plans to appeal a Delaware court ruling that would bilk away her control of some of the companies she runs.
In a statement, Tilton mean: “We strongly disagree with today’s ruling and will immediately beseech to the Delaware Supreme Court. This decision, which applies solely to the three players at issue in this case, goes against established case law, the items presented at trial, and the recent findings of SEC Administrative Law Judge Carol Fox Foelak.”
On Friday, a Delaware corporate law conjecture backed a bid to oust Tilton – who controls dozens of companies — from restrain of some of the companies she runs. The judge said the businesses belong to investors who once overdue her but now want her gone.
In September, a Securities and Exchange Commission judge dismissed the medium’s fraud case against Tilton. The case sought to claw dorsum behind hundreds of millions of dollars collected by Tilton’s firm, Patriarch Fellows, saying she misled investors about the value of assets in collateralized advance obligation funds.
Tilton said the other litigation, like the one in Delaware, are “copycat” lawsuits of the SEC the actuality and “nothing but a bad-faith attempt” by rivals to wrest control of the companies away from her.
The followers involved in the Delaware ruling include shower curtain maker Glenoit, materiel manufacturer Universal Instruments and game controller maker PDP. The ruling from Immorality Chancellor Joseph Slights of Delaware’s Court of Chancery said these beings belong to the Zohar fund.
Tilton’s much larger companies, tabulating MD Helicopters, Dura Automotive Systems, Stila Cosmetics and Rand McNally, aren’t touched by the ruling and are not parties to the case.