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Paul, Weiss Successfully Argues Against Motion for Preliminary Injunction on Behalf of Israel Aerospace Industries
- Client News
- July 23, 2012
Practices
In a significant victory for Israel Aerospace Industries Ltd, Israel's largest industrial company, New York State Supreme Court Justice Melvin L. Schweitzer issued an order on Monday, July 23, 2012 denying a motion for a preliminary injunction seeking to enjoin ImageSat International, N.V. and its shareholders from proceeding with the election of two directors to its board. Israel Aerospace Industries is ImageSat's largest shareholder, and a co-defendant in the suit.
Plaintiffs had argued that the two directors did not qualify as "independent" under the terms of ImageSat's securityholders agreement. The court agreed with ImageSat and Israel Aerospace Industries and denied plaintiffs' request for a preliminary injunction, holding that defendants did not violate the securityholders agreement with respect to the selection of directors because the directors in question did qualify as "independent" under New York and Delaware law, as well as under the provisions of the New York Stock Exchange.
Litigation partner Eric Goldstein argued the motion before Justice Schweitzer. The Paul, Weiss team also included counsel Jonathan Hurwitz.
Posted on July 23, 2012.