Thursday, 26 November 2015
Last updated 11 hours ago
Jan 4 2007 | 10:36am ET
Third Point’s Daniel Loeb may be looking for a few more board seats after the directors of Massey Energy approved a new one-year employment agreement for Chairman and CEO Don Blankenship, Loeb’s bete noir. The terms are the same as last year: $1 million in salary with up to $900,000 in bonuses, use of the company plane and other perks.
The new deal is unlikely to make the company’s newest director happy. In his victorious proxy battle for a pair of board seats, Loeb railed about Blankenship’s $33.7 million compensation package in 2005 and his access to a company plane. And Massey has had a rough year, facing labor shortages, a fire that closed a West Virginia mine for half of the year and a steadily declining stock price.
In October, the company engaged Goldman Sachs to find a solution to its share price woes, and in November, Blankenship said Richmond, Va.-based Massey was considering a merger or acquisitions to increase shareholder value.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…