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Technology Stocks : XO Holdings, Inc. (XOHO - XO Communications)

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From: tech101	3/30/2010 1:44:00 AM
	1 Recommendation of 615

investorvillage.com HILLENMEYER V. ICAHN, ET AL., C.A. NO. 4749-VCS (DELAWARE COURT OF CHANCERY) Abbey Spanier serves as counsel in a derivative action in the Delaware Chancery Court against Carl Icahn ("Icahn"), the controlling shareholder of XO Holdings, Inc. (formerly known as XO Communications, Inc.) ("XO") and other members of the XO board of directors. This action is brought on behalf of XO arising from the deliberate course of action charted by Icahn to force the Company to enter into a preferred rights offering with Icahn to the detriment of XO when there were multiple offers from third party suitors to purchase the Company. Plaintiffs allege that Icahn has used his control of XO in order to depress the value of the Company's stock and to deprive the Company's minority shareholders of the Company's true value, in order ultimately to obtain the entire Company for himself at the lowest price possible and avoid liability for wrongs committed against the Company. Defendants' motion to dismiss is pending before the Court.

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