A proxy used by a private equity investor to control MedApproach LP—formed in the 1990s to commercialize the abortion pill RU-486—isn’t necessarily binding on future owners, a Delaware judge ruled Monday, handing a win to a former principal of the disgraced Long-Term Capital Management LP. Vice Chancellor J. Travis Laster issued an 86-page ruling in favor of Sharon Hawkins, who acquired her stake in a MedApproach affiliate from her husband, Gregory Hawkins, when his massively overleveraged hedge fund collapsed in 1998, threatening the global financial system.