Ann LiptonMay 2, 2023
Shall we call this "the APE amendment"?
https://www.rlf.com/2023-proposed-amendments-to-the-general-corporation-law-of-the-state-of-delaware/
2023 Proposed Amendments to the General Corporation Law of the State of Delaware - Richards, Layton & Finger

Legislation proposing to amend the General Corporation Law of the State of Delaware (the “DGCL”) is expected to be introduced to the Delaware General Assembly for consideration during its 2023 regular…

Richards, Layton & Finger
Show threadAnn LiptonMay 2, 2023
In other words, Delaware is proposing to change its law to allow charter amendments to increase or decrease authorized shares for public companies w/ only a majority of voting shares, rather than majority of outstanding, in recognition of the fact that retail don't vote
Show threadAttractive NuisanceMay 7, 2023
@annmlipton This is really interesting. Do you think this proposed amendment makes it more or less likely Adam Aron gets the quick resolution he wants from the court?
Show threadAttractive Nuisance

@annmlipton Might the amendment incline the judge to say "Your original conversion vote was not legit, but don't worry - thanks to this new amendment you can just go and hold a new conversion vote (with only AMC votes counting, but with only a majority of AMC votes cast needed not an absolute majority)."

Presumably the company would still win a vote if only a majority of AMC shares cast was needed, but it would take a while to organize.

May 7, 2023 at 12:04amWeb
Show threadAnn LiptonMay 7, 2023
@AttractiveNuisance The amendment hasn't been adopted, I really can't say.