AMC sinks after Delaware Supreme Court says conversion can proceed

The Delaware Supreme Court ruled that AMC Entertainment’s stock conversion can proceed this week, rejecting an appeal from a pension fund. “The Objector has not proposed a schedule for orderly resolution of an interlocutory appeal. It is therefore unclear how long impediments to AMC’s ability to raise capital would continue if the status quo were preserved pending appeal.16 And finally, the Objector has identified issues for appeal that can be decided post-closing without risking the serious harm that AMC might suffer if settlement approval is delayed. Under these circumstances, a status quo order pending appeal is not warranted,” the court said in its order. Shares of AMC are down 25% to $3.09 in midday trading.