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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR