Wednesday, 1 October 2014
Last updated 2 hours ago
Jul 16 2008 | 12:12pm ET
CSX Corp. shareholders elected four of five nominees proffered by a pair of activist hedge funds to the railway giant’s board of directors, the company said today.
The Children’s Investment Fund’s Christopher Hohn and 3G Capital Management’s Alexandre Behring were among those elected, CSX said, based on preliminary results. CSX CEO Michael Ward—who, along with seven other incumbents was reelected to the CSX board—said that final results may not be available for a month, allowing for a review and challenge period and the continuing legal battle between CSX and the hedge funds.
“Until we fully work through all of that… I don’t know we will know the final results of that election,” Ward said during a conference call.
TCI and 3G nominees Gilbert Lamphere, a former director at Canadian National Railway, and Timothy O’Toole, managing director of the London Underground, were also elected to the board. Among the hedge fund nominees, only Gary Wilson, former chairman of Northwest Airlines, failed to win election.
CSX is appealing a June decision by U.S. District Judge Lewis Kaplan, who ruled that he could not stop TCI and 3G from voting their combined 8.7% stake in CSX in spite of their securities law violations.
Hearings on the appeal are scheduled for Aug. 25.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...