Police Fund v. Bradbury (Amylin)

Description

The Amylin case is a 2-day trial to determine the validity of a "poison put" takeover defense that would protect Amylin's board of directors from being replaced. Carl Icahn, who owns 9.4% of Amylin, and the hedge fund Eastbourne Capital, which owns 12% of Amylin, are attempting to gain control of Amylin. Each has nominated five directors.

The "poison put" provision adopted by Amylin's board allows bondholders to seek repayment of hundreds of millions of dollars if a majority of the board is replaced.

The named parties are a pension fund that owns stock in Amylin and Amylin CEO Daniel Bradbury. Carl Icahn has also requested to join the lawsuit as an individual plaintiff.