March 29, 2006
Willkie advises Cablevision Special Committee in an effort to settle a shareholder lawsuit attempting to block the company’s plan to pay out a special $3 billion dividend.
Willkie litigators are currently representing a Special Committee of independent directors appointed by the Board of Directors of Cablevision Systems Corp. in an effort to settle a shareholder lawsuit attempting to block the company’s plan to pay out a special $3 billion dividend. On March 28, it was announced that Cablevision entered a memorandum of understanding to resolve the dispute with shareholders. Cablevision proposed the special dividend back in October after the Dolan family, who control 20% of the company, withdrew their bid to take the company private through a $7.9 billion deal. The independent directors, advised by Willkie, were charged with reviewing the special dividend proposal and recommending to the Board whether it is indeed appropriate and, if so, in what amount.
Cablevision is one of the nation's leading entertainment and telecommunications companies, serving three million households in the New York metropolitan area. In addition to its telecommunications and programming businesses, Cablevision owns Madison Square Garden, three professional sports teams, Radio City Music Hall, and Clearview Cinemas.
The settlement is pending approval in the New York Supreme Court in Nassau County. The Willkie team handling the matter includes Governor Mario Cuomo and partners Joseph Baio and Daniel Rubino (on corporate aspects). Willkie has represented the independent Special Committee of Cablevision's Board of Directors for nearly three years in a variety of matters.
