Feeds

Walter Hewlett wins his day in court

Claims sufficient to merit trial, says judge

  • alert
  • submit to reddit

High performance access to file storage

Walter Hewlett is to have his day in court, following a judge's decision that his claims of merger skullduggery have sufficient merit for the matter to go to trial. Dissident shareholder and (soon to be former) HP director Hewlett is still trying to block the sircam HP-Compaq merger, claiming that HP management resorted to vote-buying and lies in order to win the vote.

Specifically, Walter says HP leaned on Deutsche Bank, which holds just over 1 per cent of HP stock (possibly enough to tip the balance), to vote in favour of the merger in order to avoid losing future business. He also claims that HP won proxy votes by issuing misleading statements about the integration of the two businesses, and has been making it up as regards cost savings, savings from job cuts and reduction in losses.

The first one sounds pretty difficult to make stick, as indeed Judge William B Chandler III points out in his decision, but considering that the belief that the sircam merger is deranged is pretty widespread, the second might be hard not to prove.

Judge Chandler points out that Delaware law does not allow a participant in a proxy contest to lie and then obtain protection by "describing the lie as a forward-looking statement." Being somewhat rusty as regards Delware law, The Register is unable to say whether that means that lies in, say, run-of-the-mill press preleases can obtain shelter as forward-looking statements; probably not, so the stuff we have to deal with must count as obfuscations at worst. ®

Related stories:
HP board blackballs Walter

High performance access to file storage

More from The Register

next story
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.