TCI Pushes CSX Shareholders To Back Board Slate

May 6 2008 | 9:23am ET

Activist hedge fund The Children’s Investment Fund has fired a new salvo in its battle with U.S. railroad company CSX Corp. with a letter to CSX investors urging support for its board slate.

TCI and its partner, 3G Capital, asked investors to vote for their five-nominee slate, which includes TCI chief Christopher Hohn. The other four nominees have prior railroad or airline experience. The CSX board has 12 members.

“Today CSX lags its peers on many key operational metrics, while its management and directors continue to award themselves the industry’s highest compensation,” Hohn and 3G’s Alex Behring wrote in a letter sent to CSX investors yesterday. The two hedge funds own an 8.7% stake in CSX.

CSX and TCI have sued each other, alleging all manner of malfeasance. The railroad says the hedge fund has violated federal disclosure requirements, while the hedge fund says the railroad has illegally enriched its board of directors.

RELATED STORIES

TCI Countersues CSX, Alleging Insider Dealing
Railroad Co. Fires Back At Hedge Funds With Lawsuit
TCI Set For Congressional Grilling Over CSX
CSX Railroads Hedge Fund’s Criticism
TCI’s Hohn Among Nominees For CSX Board
Hedge Fund TCI, CSX Exchange Fighting Words
Activist Hedge Fund TCI Targets Railroad Giant CSX


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.