Saturday, 27 December 2014
Last updated 3 days ago
Aug 14 2008 | 10:48am ET
Body-armor maker Point Blank Solutions may need an activism-proof vest after getting shot down in court.
A Delaware judge has denied Point Blank’s bid to postpone its annual meeting, setting up a shootout with activist hedge fund Steel Partners on Tuesday. The Pompano Beach, Fla.-based company had already postponed the meeting from April 22 to seek alternatives to enhance shareholder value. It later sought another delay to continue talks with potential investors or buyers.
Steel, which owns 9.6% of Point Blank, blasted the first delay as a “brazen, banana-republic-like maneuver,” and accused it of seeking the second delay out of “fear of losing an election contest.” Steel has nominated five candidates for election to the company’s board.
The hedge fund also sued Point Blank to force it to hold the meeting before Tuesday. The two sides later agreed on Tuesday for the meeting, with any further postponement needing court approval.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.