Milan, the Court of New York agrees with Elliott and RedBird against BlueSkye- Corriere.it

A point in favor of Elliott and RedBird in the legal dispute against BlueSkye by Salvatore Cerchione and Giuseppe D’Avanzo. The Court of New York has in fact established that RedBird, the fund owned by AC Milan owner Gerry Cardinale, will not be required to produce the documents on the sale (which took place on 31 August last year for 1.2 billion) claimed by BlueSkye. As for Elliott, he will have to limit himself to providing those of two New York employees.

An important success, considering that the practice in the US generally accepts requests from those who ask to have access to confidential documents.

RedBird was a minority shareholder (4.3%) of Project Redblack, the Elliott majority vehicle (95.7%) which owned Milan through the Rossoneri company. He had threatened to block the sale of Milan, considering himself damaged by the cancellation of the pledge. For this he started 8 civil actions (two already filed, one in Italy, one in Luxembourg), while in the remaining six it has not yet obtained any results, one administrative and one criminal. According to Elliott, an unjustified multitude of reckless and specious judicial initiatives was promoted by Blue Skye with an unscrupulous emulative purpose… macroscopically aimed at obtaining additional and undue economic advantages.

As regards the administrative procedure in Italy, after the victory at the Lazio Regional Administrative Court in March to obtain from the FIGC the requisites of integrity and financial soundness of the new AC Milan ownership, the Council of State on 5 May instead blocked everything, agreeing with RedBird (and to the FIGC), for which it suspends the enforceability of the contested sentence and fixes the discussion of the merits in the judgment in the council chamber on 6 June.