Wednesday, 30 July 2014
Last updated 12 hours ago
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.
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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
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…