Citadel's Closing in on ION

CITADEL'S CLOSING IN ON ION
[SOURCE: New York Post, AUTHOR: Zachery Kouwe]
Hedge fund Citadel Investment Group and NBC Universal came a step closer to taking control of broadcaster Ion Media Networks after a Delaware judge quickly refused to hear an appeal from a group of angry investors. The investors, who own preferred stock in Ion, filed a lawsuit last month seeking to stop a planned takeover by NBC and Citadel, claiming it undervalues their stake. Earlier this month, the Delaware Chancery Court denied a motion by the investors, led by Gradient Partners, to stop the takeover of Ion. The investors have also filed a complaint with the Federal Communications Commission claiming that NBC is exercising too much influence over Ion despite the fact that Citadel will own most of the company.
http://www.nypost.com/seven/07242007/business/citadels_closing_in_on_ion_business_zachery_kouwe.htm