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CDC SOFTWARE APPEALS INJUNCTION
The complicated litigation involving CDC Software and CDC Corp, which is its indirect majority shareholder, continued in bankruptcy court this week. CDC is appealing two court decisions. In one, a bankruptcy court granted a preliminary injunction in which CDC Corp. sought to block CDC Software’s sale of its Tradebeam and Ross Systems subsidiaries.
The chief restructuring officer, Marc Watson, got the court to halt the sale by CDC Software since those operations represented a significant portion of CDC Software’s revenue. CDC Software is also opposing the move by CDC Corp. to remove all but one of the directors of CDC Software International. The court granted CDC Corp. the right to vote its shares in CDC International but CDC Software has filed a motion for a stay pending appeal on that issue as well. Meanwhile, CDC lost its appeal of a proposed delisting by Nasdaq. Trading in CDC Software stock was suspended on December 12 and will remain suspended until Nasdaq notifies the SEC about the delisting and then shares will trade in the Pink Sheets. Nasdaq took its action after a major shareholder demanded the board of directors of CDC Software resign. That board had ousted CEO Peter Yip, who had lied under oath, then reinstated him, but placed him on a year’s leave.
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