Court Rules In Mason's Favor In Telus Appeal

Nov 2 2012 | 2:20am ET

Mason Capital Management has won a major court victory in its battle with Canadian telecommunications firm Telus Corp.

The British Columbia Court of Appeal ruled in the activist hedge fund's favor, affirming its right to "empty voting" and to hold a competing shareholders meeting. The ruling overturned a lower-court ruling in Telus' favor, which blocked such a meeting.

Mason objects to Telus' plan to merge its voting and non-voting share classes by exchanging the latter for the former on a one-for-one basis. Mason has argued that the plan is unfair to voting shareholders, including itself, with a 19% stake, who paid more for that privilege than non-voting shareholders.

Telus has argued that the plan improves corporate governance, and has opposed Mason's plan to hold a competing shareholder meeting. But the Court of Appeal found that the lower court exceeded its authority, noting that there is no statutory ban on empty voting.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.