BlackRock Can’t Invalidate Saba Capital’s Board Nominees (2)

BlackRock Advisors LLC must consider outside board nominees for several of its closed-end funds after a Delaware judge found that Boaz Weinstein’s Saba Capital Master Fund didn’t miss a filing deadline for a slate it proposed.

Votes for Saba’s proposed directors must be counted at BlackRock’s July 8 annual meeting, Delaware Chancery Judge Morgan Zurn ruled June 27. BlackRock had threatened to invalidate votes for Saba’s candidates because Saba hadn’t returned a questionnaire on time.

Weinstein sued BlackRock Credit Allocation Income Trust and two other BlackRock entities this month to challenge bylaws that make it easier for uncontested board incumbents ...