Friday, 26 December 2014
Last updated 2 days ago
Jan 30 2007 | 1:59pm ET
Reliant Energy is counting on geography to fend off a proxy battle with hedge fund Seneca Capital.
The Houston-based energy company asked a U.S. District Court to allow it to exclude Seneca’s proxy material, arguing that a ruling by the New York-based Second Circuit Court of Appeals is not binding on a Texas-based company. Like the Second, Seneca is headquartered in New York.
Seneca is seeking a change that would allow shareholders to nominate directors. The New York case, which also dealt with director nominations and cited by Seneca in its bid to get on Reliant’s proxy, dealt with a Hewlett-Packard proxy.
In addition, Reliant savaged Seneca’s plans, arguing it is “contrary to applicable securities laws.”
“Seneca’s shareholder access proposal is the opposite of good governance—an ill-considered bylaws amendment without either safeguards or clear procedures that would only serve to benefit certain large shareholders at the expense of all others,” Reliant said.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.