{"id":832874,"date":"2025-04-02T08:35:55","date_gmt":"2025-04-02T12:35:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/"},"modified":"2025-04-02T08:35:55","modified_gmt":"2025-04-02T12:35:55","slug":"saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/","title":{"rendered":"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\">\nSaba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill\n<\/p>\n<p class=\"bwalignc\"><i>Follows Court\u2019s March 28<sup>th<\/sup> Ruling that ASA\u2019s Poison Pill Violates the Investment Company Act of 1940<\/i><\/p>\n<p class=\"bwalignc\"><i>Urges Court to Intervene to Enforce Ruling and Invalidate ASA\u2019s March 31<sup>st<\/sup> Poison Pill<\/i><\/p>\n<p class=\"bwalignc\"><i>Calls for Chair <span class=\"bwuline\">Mary Joan Hoene<\/span>, Director <span class=\"bwuline\">William Donovan<\/span> and Former Directors <span class=\"bwuline\">Axel Merk<\/span> and <span class=\"bwuline\">Bruce Hanson<\/span> to Return the Millions of Dollars in Shareholders\u2019 Capital They Wasted on Entrenching Themselves<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nSaba Capital Management, L.P. (together with certain of its affiliates, \u201cSaba\u201d), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (\u201cASA\u201d or the \u201cFund\u201d), today announced that it has filed a motion with the United States District Court for the Southern District of New York (the \u201cCourt\u201d) to enforce its March 28, 2025 ruling by invalidating the latest poison pill issued by ASA on March 31, 2025. The ruling stems from a <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20240131810777%2Fen%2FSaba-Capital-Files-Lawsuit-Against-ASA-Gold-and-Precious-Metals-and-its-Board-of-Directors-Over-Unlawful-Shareholder-Rights-Plan&amp;esheet=54232146&amp;newsitemid=20250401302315&amp;lan=en-US&amp;anchor=lawsuit&amp;index=1&amp;md5=cfbf1c4b3e690ba9fe613fb0fae13f34\">lawsuit<\/a> Saba brought against ASA after the Fund and its then Board of Directors adopted a discriminatory and unlawful poison pill.\n<\/p>\n<p>\nOn March 28, 2025, the Court ruled that ASA\u2019s poison pill violated the Investment Company Act of 1940 (the \u201c\u201940 Act\u201d) and found that ASA and directors <b><span class=\"bwuline\">William Donovan<\/span><\/b>, <b><span class=\"bwuline\">Bruce Hanson<\/span><\/b>, <b><span class=\"bwuline\">Mary Joan Hoene<\/span><\/b> and <b><span class=\"bwuline\">Axel Merk<\/span><\/b> broke federal law with their poison pill, noting their desire for entrenchment was a plausible motivation for their actions. As a result, the Court rescinded ASA\u2019s poison pill. However, on March 31, 2025, the next business day, ASA issued an extension of the poison pill in direct conflict with the Court\u2019s decision.\n<\/p>\n<p>\nBoaz Weinstein, Founder and Chief Investment Officer of Saba, commented:\n<\/p>\n<p>\n\u201cThe Court\u2019s ruling invalidated ASA\u2019s poison pill and confirmed that the Fund\u2019s legacy directors\u2014Chair Mary Joan Hoene, Director William Donovan and former Directors Axel Merk and Bruce Hanson\u2014broke the law by prioritizing their own entrenchment over shareholder rights. Yet, ASA defied the ruling the very next business day by adopting an unlawful extension of their poison pill.\n<\/p>\n<p>\nASA\u2019s blatant disregard for the law is outrageous. It reinforces the concerning level of comfort the Fund and its legacy directors have with violating federal law and disenfranchising shareholders. These actions, including wasting millions in shareholder capital in attempting to defend the poison pill to protect their paychecks, are unparalleled among closed-end fund boards and exemplify the very anti-shareholder behavior Saba is committed to protecting investors against.\n<\/p>\n<p>\nSaba is urging the Court to intervene to invalidate the March 31<sup>st<\/sup> poison pill, and we also intend to hold Hoene, Donovan, Merk and Hanson personally accountable for the economic harm they have inflicted on shareholders. We are calling for their return of the millions they spent on this unlawful endeavor, as well as the board compensation they received over the past two years.\n<\/p>\n<p>\nThe Court\u2019s decision, coupled with shareholders\u2019 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20240430935128%2Fen%2FASA-Gold-and-Precious-Metals-Shareholders-Elect-Saba-Capital-Nominees-to-the-Funds-Board-of-Directors&amp;esheet=54232146&amp;newsitemid=20250401302315&amp;lan=en-US&amp;anchor=election&amp;index=2&amp;md5=19bf5937073b4c32ba8cee1a73646fb6\">election<\/a> of two Saba-nominated directors in April 2024, signals an end to the era of anti-investor governance under Axel Merk and the prior board. Further board changes are now essential to restore trust, enhance shareholder returns and protect shareholders\u2019 rights.\u201d\n<\/p>\n<p>\nThe Court\u2019s ruling in support of Saba follows several similar lawsuits that Saba previously brought and won, including against <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20230125005602%2Fen%2FMassachusetts-Court-Rules-that-Eaton-Vance-and-its-Fund-Trustees-Violated-Federal-Law-by-Stripping-Shareholders-Voting-Rights&amp;esheet=54232146&amp;newsitemid=20250401302315&amp;lan=en-US&amp;anchor=Eaton+Vance&amp;index=3&amp;md5=0b6d188927059cfd30f435843929da45\">Eaton Vance<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.businesswire.com%2Fnews%2Fhome%2F20231201056166%2Fen%2FU.S.-Court-of-Appeals-for-the-Second-Circuit-Upholds-that-Nuveen-Advised-Closed-End-Funds-Violated-the-Investment-Company-Act-of-1940&amp;esheet=54232146&amp;newsitemid=20250401302315&amp;lan=en-US&amp;anchor=Nuveen&amp;index=4&amp;md5=c5d3f7d99f2668717f76714b0e0c3f73\">Nuveen<\/a> over the use of control share provisions that were found to violate the \u201940 Act.\n<\/p>\n<p><b><span class=\"bwuline\">About Saba Capital<\/span><\/b><\/p>\n<p>\nSaba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in New York City. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sabacapital.com&amp;esheet=54232146&amp;newsitemid=20250401302315&amp;lan=en-US&amp;anchor=www.sabacapital.com&amp;index=5&amp;md5=15bf7b0e84d1f58a2a134a8b92b8ad65\">www.sabacapital.com<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250401302315r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250401302315\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250401302315\/en\/<\/a><\/span><\/p>\n<p>\nLongacre Square Partners<br \/>\n<br \/>Kate Sylvester, 646-386-0091<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:ksylvester@longacresquare.com\">ksylvester@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Legal Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill Follows Court\u2019s March 28th Ruling that ASA\u2019s Poison Pill Violates the Investment Company Act of 1940 Urges Court to Intervene to Enforce Ruling and Invalidate ASA\u2019s March 31st Poison Pill Calls for Chair Mary Joan Hoene, Director William Donovan and Former Directors Axel Merk and Bruce Hanson to Return the Millions of Dollars in Shareholders\u2019 Capital They Wasted on Entrenching Themselves NEW YORK&#8211;(BUSINESS WIRE)&#8211; Saba Capital Management, L.P. (together with certain of its affiliates, \u201cSaba\u201d), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (\u201cASA\u201d or the \u201cFund\u201d), today announced &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-832874","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill Follows Court\u2019s March 28th Ruling that ASA\u2019s Poison Pill Violates the Investment Company Act of 1940 Urges Court to Intervene to Enforce Ruling and Invalidate ASA\u2019s March 31st Poison Pill Calls for Chair Mary Joan Hoene, Director William Donovan and Former Directors Axel Merk and Bruce Hanson to Return the Millions of Dollars in Shareholders\u2019 Capital They Wasted on Entrenching Themselves NEW YORK&#8211;(BUSINESS WIRE)&#8211; Saba Capital Management, L.P. (together with certain of its affiliates, \u201cSaba\u201d), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (\u201cASA\u201d or the \u201cFund\u201d), today announced &hellip; Continue reading &quot;Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-02T12:35:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250401302315r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill\",\"datePublished\":\"2025-04-02T12:35:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\\\/\"},\"wordCount\":686,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20250401302315r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\\\/\",\"name\":\"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill - 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(together with certain of its affiliates, \u201cSaba\u201d), the largest common shareholder of ASA Gold and Precious Metals Limited (NYSE: ASA) (\u201cASA\u201d or the \u201cFund\u201d), today announced &hellip; Continue reading \"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/","og_site_name":"Market Newsdesk","article_published_time":"2025-04-02T12:35:55+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250401302315r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill","datePublished":"2025-04-02T12:35:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/"},"wordCount":686,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250401302315r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/saba-capital-files-motion-with-u-s-district-court-for-the-southern-district-of-new-york-to-invalidate-asa-gold-and-precious-metals-latest-unlawful-poison-pill\/","name":"Saba Capital Files Motion with U.S. District Court for the Southern District of New York to Invalidate ASA Gold and Precious Metals\u2019 Latest Unlawful Poison Pill - 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