Wednesday, 6 May 2015
Last updated 20 hours ago
Apr 1 2014 | 10:38am ET
Prominent corporate lawyer Martin Lipton has spent a career battling activist investors. But don’t let it be said of the Wachtell Lipton Rosen & Katz partner that he paints all of them with the same broad brush.
Lipton said he respects—“I wouldn’t say ‘like’”—some hedge fund activists. Those winning that plaudit include Trian Fund Management’s Nelson Peltz and Peter May, Jana Partners’ Barry Rosenstein, and Relational Investors’ David Batchelder and Ralph Whitworth.
Speaking at Tulane University’s annual mergers-and-acquisitions conference, Lipton also enumerated his least favorite hedge fund activists: Carl Icahn, Pershing Square Capital Management’s William Ackman, Third Point’s Daniel Loeb and Elliott Management’s Paul Singer.
Lipton has represented several of those hedge fund managers’ targets.
Lipton also moderated—slightly—his usually total opposition to activism, saying that some should even be “encouraged.” But he reiterated that boards of directors should be left more or less free to run things as they see fit.
Short-term activism, like pushing companies to return capital to shareholders, “results in illegality or immorality,” Lipton said. “It shouldn’t be allowed.”
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…