A proxy used by a private equity investor to control MedApproach LP—formed in the 1990s to commercialize the abortion pill RU-486—isn’t necessarily binding on future owners, a Delaware judge ruled Monday, handing a win to a former principal of the disgraced Long-Term Capital Management LP.
Vice Chancellor J. Travis Laster issued an 86-page ruling in favor of Sharon Hawkins, who acquired her stake in a MedApproach affiliate from her husband, Gregory Hawkins, when his massively overleveraged hedge fund collapsed in 1998, threatening the global financial system.
The lawsuit by Hawkins—who testified she “follows her husband’s wishes regarding the investment"—sought a ...
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