Judge denies AMC-APE conversion in ‘surprise ruling,’ Bloomberg says

AMC Entertainment was blocked by a Delaware judge from converting its controversial APE preferred units into common stock, which was a “surprise” ruling that sent the company’s class A shares surging up to 100% in after-hours trading on Friday, reported Bloomberg’s Mike Leonard. Vice Chancellor Morgan Zurn rejected a nine-figure settlement that would have let the conversion proceed while handing out extra stock to mitigate the dilution of ordinary shareholders, noted the report. In early Monday trading, AMC Entertainment shares are up 86c, or 20%, to $5.26.