Bulldog Threatens Proxy Fight

Feb 6 2013 | 12:42pm ET

Bulldog Investors is living up to its name as it readies a proxy fight with a closed-end fund.

The New Jersey-based activist hedge fund has called on Firsthand Technology Value Fund to launch a share buyback to deal with its discount to net asset value, which stood at 26% this week. Bulldog owns 8.9% of the fund.

"If we do go forward with a proxy fight, if there's an actual shareholder vote, I think we would prevail," Bulldog founder Phillip Goldstein told Bloomberg News.

Firsthand Technology Value invests in privately-held technology and clean-energy companies, frequently focusing on those preparing to go public. It currently owns stakes in Facebook Inc. and Twitter Inc.

Bulldog began building up its stake in the fund after Facebook's May initial public offering. The social-networking Web site's shares have swooned and taken Firsthand Technology Value's shares down with it.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...