Friday, 27 March 2015
Last updated 2 hours ago
Apr 17 2008 | 7:28am ET
In January, activist hedge fund Costa Brava’s battle with defense contractor Telos Corp. received a mortal blow in court. This week, the same Baltimore judge finished it off.
Costa Brava and New York-based Wynnfield Partners saw all of their remaining claims against Telos dismissed by Judge Albert Matricciani of Baltimore City Circuit Court. The judge ruled that Costa Brava, which was trying to have Telos put into receivership and dissolved, “failed to state causes of action.”
“The present litigation has been lengthy and certainly costly to the parties,” Matricciani wrote. “As a result of the Court’s ruling on the present motion, it will come to an end, at least in this forum.”
It is unclear as to whether Costa Brava will appeal the ruling.
“After nearly three years, this case is over,” Telos CEO John Wood, the focus of fierce attacks by Costa Brava, said. “The activist hedge fund, Costa Brava, has failed in its efforts to extract dividend payments out of turn at the expense of our other shareholders.”
Costa Brava owns 16% of Telos’s exchangeable redeemable preferred shares, and has two seats on its board of directors.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…