The lawsuit by Daniel Loeb against Sotheby’s, filed over its attempts to prevent him from taking over 10% ownership in the company, has been fast-tracked by a Delaware judge.  “Here we have an uncommon rights plan that on its face discriminates between activist and passive investors,” says Vice Chancellor Donald Parsons, who presided over the telephone hearing. “It is sufficiently possible that the board is attempting to tilt the playing field for proxy contest in its favor and make for an unfair fight.” (more…)

A Delaware judge has been asked to step in on a dispute between the board members of a foundation established by late American painter Cy Twombly.  The complaint, filed by Twombly’s lawyer Ralph Lerner, seeks to reinstate Twombly’s son Alessandro to the board in order to break a deadlock between the current members over the forced removal of treasurer Thomas Saliba.  Lerner claims that the dispute has left the foundation unable to manage its $1.5 billion in assets. (more…)