On June 3, 2011, the Delaware Court of Chancery refused to enjoin a stockholders meeting and enforced an advance notice requirement regarding stockholder proposals imposed by the company's proxy statement rather than its bylaws. The company, which previously underwent bankruptcy in 2009, filed its 2010 proxy statement in October 2010 for its December 2010 annual stockholders meeting. The proxy statement provided that all stockholder proposals for its 2011 annual stockholders meeting (that had yet to be noticed) were required to be submitted by January 1, 2011, which would eventually result in a 150-day advance notice requirement when the 2011 annual stockholders meeting was finally announced. In February 2011, the company announced that its 2011 annual stockholders meeting would be held on June 6, 2011 (only six months after its 2010 annual stockholders meeting). The Chancery Court held for the company stating that the fact that the 2011 annual stockholders meeting was held earlier than a year after the 2010 annual stockholders meeting only, at worst, affected directors who had been elected in June 2008 by shortening their terms by only a few days. The Chancery Court further held that the advance notice requirement set forth in the 2010 proxy statement was valid and enforceable as it was not unreasonably long or unduly restrictive of the stockholders franchise rights.

http://courts.delaware.gov/opinions/download.aspx?ID=155820