Regal Can Pay Dividend, Judge Rules
Movie theater giant Regal Entertainment Group can pay a disputed $710-million dividend that benefits the company’s controlling shareholder, billionaire Philip Anschutz, a judge ruled.
Delaware Chancery Court Chief Judge William B. Chandler III rejected a bid by the Teachers’ Retirement System of Louisiana, a Regal investor, to block the dividend to all shareholders.
The fund had argued that it was a waste of company cash and weakened Regal’s financial stability. Anschutz, who bought the company out of bankruptcy protection, stands to receive $368 million of the dividend.
Regal’s shares rose 50 cents to $21.90 on the New York Stock Exchange.
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