Tuesday, 21 October 2014
Last updated 7 hours ago
Jun 30 2006 | 6:35pm ET
Activist hedge fund manager Daniel Loeb is ruffling feathers in another boardroom, this time "officially" winning a seat on the board of Massey Energy Company. But the energy firm isn't through contesting the results.
Loeb, founder and ceo of New York hedge fund Third Point, and Todd Swanson, also of Third Point, were elected to the board of the energy firm in a proxy contest on May 16, but certification of the election results were delayed after Massey challenged their validity.
On Wednesday, IVS Associates, the independent election inspector chosen by Massey, confirmed that the election results were valid. However, the Richmond, Va.-based energy firm plans to take the issue to court.
"Now that the election results have been certified, we hope that we can put this proxy contest behind us," said Loeb in a statement. "Massey's shareholders have sent a strong message that the Massey board must focus on steps to enhance shareholder value."
Third Point owns approximately 5.9% of Massey's outstanding shares. Simultaneously, Massey issued a statement saying the firm "believes that the election of Third Point's two nominees resulted from an incorrect treatment of withheld shares by the inspectors of election under the cumulative voting provisions of Massey's charter. The company further believes that if the withheld shares had been treated correctly for cumulation purposes, Third Point would have won only a single seat on the board and two incumbent directors would have been reelected."
The energy firm is now requesting that the Delaware Court of Chancery reviews the election results and makes a final determination.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...