and start reading now.
A pair of current board members – the only non-SoftBank-affiliated directors – contested the additions in court on Wednesday, arguing that the process would hurt WeWork's minority shareholders. The judge, Andre Bouchard, ruled on Wednesday against Dunlevie and Frankfort's motion to stop the board additions, so WeWork will vote on the directors on Friday. The proposed directors would form an independent committee to decide if Dunlevie and Frankfort have the authority to sue SoftBank.
The new directors, Alex Dimitrief and Frederick Arnold, have deep corporate, legal, and board experience. The two names were detailed at the hearing on Wednesday, sources who attended the hearing virtually told Business Insider. "WeWork is pursuing best practices of corporate governance to determine what role if any WeWork should have in this contractual dispute among its shareholders. The court's decision today allows that process to go forward," a SoftBank spokesperson said in a statement.
SoftBank, meanwhile, said in filings that the proposed independent directors would not "rubberstamp" the Japanese investor's claim that the special committee can't act on behalf of WeWork.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter has added fact-checking links to Trump's false tweets about voting by mail - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. That's fine, but is Twitter going to fact-check your attempt to pass off 'unsubstantiated' as ' false'? Get ready for another epic rant from Tweeter-in-chief. Bandaid...
Source: BusinessInsider - 🏆 729. / 51 Read more »
Cruise self-driving company adds Regina Dugan to its leadership team - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
The Internet of Medical Things report - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
UK Parliament voices cash infrastructure concerns - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Best coronavirus tests, according to a hospital lab director - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »