Shareholder Sues Viacom, CBS over Redstone's condition

When Viacom boss Summer Redstone turned 92, a birthday party was held and this picture was released.

People wondered if this was weekend at Bernie's playing out in real life?

Now, a Viacom/CBS shareholder has filed a lawsuit claiming that company board members have concealed Redstone's deteriorating condition and that they have not come up with a succession plan.

The suit names as defendants Redstone, Viacom Chief Executive Philippe Dauman, CBS Chief Executive Leslie Moonves and Shari Redstone, the media mogul's daughter who serves as vice chair of the two media companies.

The billionaire is in failing health, struggles to speak intelligibly and is largely confined to his Beverly Park mansion in Los Angeles. He has not participated in public corporate events for more than 18 months.

The suit questions the executive compensation of Redstone — estimated to be more than $169 million between 2012 and 2014 — even though Redstone has become "physically and mentally incapacitated," according to the lawsuit.

Redstone's private physician in Los Angeles has testified that, despite Redstone's difficulties speaking, he is mentally competent. 

"This lawsuit is without merit," Viacom spokesman Carl Folta said.

We'll let you look at the picture above and decide if there is merit to the lawsuit or not?

H/T LA Times