It’s a good week to be a member of iHeartMedia‘s team of corporate counsel.
On Wednesday (10/11), an appeals court in San Antonio Wednesday sided with iHeartMedia in ruling that a stock transfer was allowed under the terms of its loan agreements. This decision harmed creditors who attempted to declare a default on billions of dollars of the company’s debt.
A day later in Delaware, the state Supreme Court declined to bring back a derivative claim from a disgruntled investor who argued that the directors of iHeart subsidiary Clear Channel Outdoor Holdings breached their duty by failing to request a repayment of $1 billion from iHeart.
