New York Stock Exchange seat holders seeking to block the proposed merger with electronic exchange Archipelago Holdings have filed a motion to postpone exchange members' scheduled Dec. 6 vote for 30 days. The motion also seeks to force the NYSE and Goldman Sachs, the adviser in the deal, to release documents related to the merger, according to the motion, filed Monday in New York State Supreme Court in Manhattan.
Jay Eisenhofer, an attorney representing the plaintiffs, said hearings on the motion and the lawsuit are scheduled to begin Nov. 14.
The plaintiffs are seeking a new, independent review of the merger terms and have asked that NYSE CEO John Thain be recused from any negotiations.
"This action is wrong and is an affront to shareholder democracy, and is contrary to all previous statements this group has made," said a statement from the NYSE. "It threatens both the NYSE's future and America's leadership position in global capital markets. We will continue to vigorously defend the right of our members to vote."
