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Del. court orders Patriot National to delay special dividend

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Del. court orders Patriot National to delay special dividend

A Delaware chancery court said Dec. 14 that Patriot National Inc. has to hold off on paying its special cash dividend of $2.50 per share of common stock slated for January 2017.

Patriot National can pay the dividend only after a preliminary injunction hearing, which could be delayed until after March 24, 2017, the court said.

The court also imposed a confidentiality order on the company and said that Patriot National has to produce specified documents related to the case. The new order came in connection with a previous restraining order from the court that also prevented the company from buying back common stock. The company initially wanted to pay the dividend Dec. 9, which the court pushed to January 2017.