BlackRock Advisors LLC convinced Delaware’s top court Monday to lift an injunction that required two of its closed-end funds to count votes cast in a proxy fight for directors nominated by Saba Capital Master Fund Ltd., activist investor Boaz Weinstein’s hedge fund.
The injunction, issued by the Chancery Court in June, blocked the BlackRock investment trusts from disqualifying Saba’s board nominees based on their failure to respond within five days to questionnaires purportedly probing their eligibility. Saba claimed that was a pretext for keeping its nominees off the ballot.
The trusts, meanwhile, cited bylaws giving them the right to ...
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