. . . .to enjoin, delay or modify the proposed reverse merger between Schering-Plough and Merck. The goal of each of these suits is to seek, and obtain, an increased return to the common shareholders of Schering-Plough -- if the company is to be busted-up, and sold-off. There are at least 17 suits in total, and at least four of those are now pending in the federal District Courthouse in Newark, New Jersey -- pending before Judge Cavanaugh, the same very able jurist handling all of the more than 150 pieces of ENHANCE-related litigation [click to enlarge]:
. . . .the [merger negotiation and review] process was grossly inadequate, amounting to a clear breach of the Schering-Plough officers' and directors' fiduciary duties. . . .
The Q1 Earnings Call should thus be rather entertaining.