Article: Michigan Federal Court Rules That Voting Rights of Taubman Family's Series B Preferred Stock Remain Subject to Legal Challenge.

Simon Property Group, Inc. announced today that a Michigan federal court has ruled that SPG has a viable legal claim that the Taubman family's one-third voting position in Taubman Centers, Inc. was obtained without a shareholder vote in violation of Michigan law.

Judge Victoria Roberts in the United States District Court of the Eastern District of Michigan ruled that the Taubman family's claimed blocking position in the company may be challenged by SPG at a hearing on March 21, 2003 on the grounds that the family's "group" voting power was obtained without shareholder approval under the Michigan Control Share Acquisitions Act (also known as the "shareholder ...

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