U.S. District Judge John Keenan in New...

U.S. District Judge John Keenan in New York rejected a crucial legal challenge by British publisher Robert Maxwell to an elaborate restructuring by Harcourt Brace Jovanovich designed to ward off unwanted suitors. Keenan’s decision to deny Maxwell’s request for a preliminary injunction was a major blow to Maxwell’s hopes of keeping alive his effort to take over the Orlando, Fla.-based book company, which is now free to distribute a special $40-per-share cash dividend to its shareholders. The dividend was intended to fend off an unsolicited $2-billion bid by Maxwell’s British Printing & Communication.