Friday, 19 September 2014
Last updated 3 hours ago
Sep 16 2008 | 9:30am ET
Ending a long-running and ugly battle, U.S. railroad CSX Corp. will seat two director nominees whose victory over management candidates it had disputed.
The move to add the second pair of nominees proffered by activist hedge funds The Children’s Investment Fund and 3G Capital Partners comes after a federal appeals court upheld a lower court decision allowing the two funds to vote their 6.4% stake in CSX. The Second Circuit Court of Appeals refused to overturn the June decision which found that late disclosures by the hedge funds did not cause the irreparable harm to CSX shareholders necessary to strip them of their rights.
CSX said TCI chief Christopher Hohn and London Underground managing director Timothy O’Toole will join the company’s 12-member board on Sept. 24. Two other hedge fund nominees, including 3G’s Alexandre Behring, were seated in July. The Jacksonville-based company refused to seat Hohn and O’Toole at the time because their margin of victory was small enough that a CSX court victory could have kept them off the board.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.