The AMC Scheme to Issue Preferential Stock

AMC did a cute thing with their preferred stock that got them in trouble. The plaintiff said it was a breach of fiduciary duty and a violation of section 242 of the DGCL. They're going to be getting it out of this case via a settlement now because there was an injunction put in place, then the parties settled. But you can even see in the in the briefing about the settlement, the plaintiff says it's no coincidence that the Delaware legislature has proposed these changes to section 242.