Even accepting that the action by VMC is frivolous, on what basis does VMC owe any duties to the shareholders of SPX?
The VMC claim was announced to the market when commenced and it was for the SPX shareholders to take that information on board and act upon it according to their own risk profile and investment decision making. If SPX shareholders chose not to sell and the VMC claim is proved to be frivolous, then the sp would recover to where it was and no loss sufferred.
Court hearing feedback, page-25
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