Word: allen
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Earlier this month, Harvard asked William T. Allen, the chancellor of Delaware's equity court, for a restraining order preventing the split, arguing that the University's endowment performance would be hurt. The University also charged that Marriott's method of using a special dividend to accomplish the split was illegal...
...essence, Allen said in his decision that if the University was so concerned about the split, it should not have invested so heavily in Marriott. The judge wrote that Harvard continued to purchase preferred stock in Marriott even after March 15, when the company first announced there would be no dividends...
...Allen also dismissed a charge made by Harvard's lawyers that the split was rigged to keep three Marriott family members on the company's board of directors. The judge called that suggestion "dark" and "Machiavellian...
...Allen suggested that Harvard participated in a concerted effort to shield itself from financial risk by buying up preferred stock even as it sold common stock at less than market value...
...sale of Marriott common stock because the stock's value went up instead of down. But it also made a profit of $4.1 million on the preferred stock it owns. Overall, Harvard's net profit on its investment in Marriott, as of June 4, was $485,200, according to Allen's ruling...