Icahn Gets Two Dynegy Board Seats, Rival Seneca Gets One

Mar 10 2011 | 11:44am ET

In the battle between hedge funds Icahn Enterprises and Seneca Capital over the future of power company Dynegy, round two goes to the former.

Dynegy yesterday said it had added four directors to its interim board in the wake of Icahn's failed bid for the company. Two of the four were proffered by Icahn, while just one was nominated by Seneca.

Seneca, with a 12% stake Dynegy's second-largest shareholder after Icahn, had also demanded two seats.

Dynegy's board and top executives resigned last month after shareholders resoundingly rejected Icahn's $665 million bid for the company, urged on by Seneca. The two hedge funds had previously collaborated in sinking an earlier bid by the Blackstone Group.

Icahn's representatives on the interim board, which is charged with seeking out new executives and directors for the company are Vincent Intrieri and Samuel Merksamer. Seneca will be represented by E. Hunter Harrison. The fourth new board member is Thomas Elward, an independent director.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...