Judge: Redstone Family Feud Trial Can Proceed
August 11, 2006 at 6:03 AM (PT)
BRENT REDSTONE will be able to proceed with his suit to attempt to dissolve his family's NATIONAL AMUSEMENTS INC. after a judge denied the company's motion to dismiss.
NATIONAL AMUSEMENTS, the REDSTONE family holding company, owns controlling stakes in CBS CORP., VIACOM, MIDWAY, and the CLEARVIEW THEATERS chain. BRENT REDSTONE is suing because he claims his father, CBS and VIACOM Chairman SUMNER REDSTONE, has been freezing him out of decision-making.
The ruling by BALTIMORE City Circuit Court Judge EVELYN OMEGA CANNON dismisses NATIONAL's claim that BRENT REDSTONE had no standing to sue because the filing of the suit triggered a stock buyback and his shares were a gift. The case, if it proceeds, will come to trial late next year.