Dissolve Promega? Not likely, judge says
One of the remedies available to Dane County Circuit Judge Valerie Bailey-Rihn —should she rule that Promega founder and CEO Bill Linton was liable in suppressing shareholders in an ongoing Promega shareholders lawsuit — is the dissolution of the company.
That’s unlikely to happen, according to a story in the Wisconsin State Journal.
In 2016, four Promega shareholders filed a lawsuit claiming Linton bullied his way to majority control and left them out of any chance of a fair ROI before 2078.
Last summer, Judge Bailey-Rihn hinted that she was leaning toward the shareholder’s case. The issue now is deciding how much the shareholder’s stock is worth, should there be a stock buyback.
Judge Bailey-Rihn will consider stock valuation again in a phone conversation with attorneys from both sides on Feb. 26.