According to The Hollywood Reporter, Disney’s acquisition of Maker Studios is facing another legal challenge. Andy Faberlle, who served as director of partnerships from April 2011 to August 2013 is suing as a shareholder to unwind the merger. The complaint filed LA County Superior Court states:
Maker’s Board of Directors unhappy with their inability to control Maker and/or obtain a quick return on their invested capital inn Maker, orchestrated a scheme to illegally issue enough shares to themselves and those friendly to them that would be required to approve any sale. The Interested Parties also accelerated vesting of share options held by them and those friendly to them. This was done in order to divest the Common Stock shareholders’ right to control Maker’s Board so that the Interested Parties could create a liquidity event, i.e., sell Maker and enrich themselves at the expense of Common Stock shareholders. This play for power resulted in the misappropriation of corporate assets (i.e., shares) and a reduction in the value of the shares held by the Common Stock shareholders, which significantly harmed Plaintiff.
Ironically, the complaint also includes the phrase, “with great power, comes great responsibility,” which is also famously used by Disney’s Spider-Man character.
Maker Studios approved the acquisition earlier this week.