1. Equus Total Return
The incumbents won. Dissidents claim moral victory. Why am I reminded of Calvin & Hobbes? Calvin would claim a moral victory even when Susie turned the tables on him, and of course he could count on the support of one tiger pal.
As I've noted here Equus Total Return is a business development company (BDC) HQ-ed in Houston that trades as a closed-end fund on the New York Stock Exchange.
The Committee to Enhance Equus says: "We also believe that the Company conducted the meeting in a manner intended to discourage personal attendance and voting by shareholders....Despite these concerns about the integrity of the process, we have concluded that further contest of the 2010 board election is not in the best interests of the Company or its shareholders."
2. Greg Meyer
Greg Meyer, a shareholder of Blockbuster (NYSE: BBI), seeks to have himself elected to that company's board.
The meeting is scheduled for June 24, in Dallas, Texas.
Control of the board is not at issue. So far as I can tell, Meyer represents only himself and would occupy just one seat out of seven. The one currently held by Gary Fernandes.
3. Seattle pension fund demand rejected.
Meanwhile, a court has told pension fund managers in Seattle that they should act like big boys and wipe those tears, despite losses in connection with Epsilon Global Active Value Fund II.
The Seattle City Employees' Retirement System had requested a preliminary injunction to force Epsilon executives to provide audited financial statements etc.
The judge, Richard Jones of the U.S. District Court, observed that "SCERS did not contract for transparency" when it made the investment.
Showing posts with label Equus Total Return. Show all posts
Showing posts with label Equus Total Return. Show all posts
Sunday, May 30, 2010
Wednesday, April 28, 2010
Equus Total Return
Equus Total Return is a business development company (BDC) HQ-ed in Houston that trades as a closed-end fund on the New York Stock Exchange. I haven't said anything about BDCs in this blog yet, so perhaps this entry is a good way to start, because they are a peculiar corner of our financial system.
"In what way 'peculiar'? Am I a clown for you? Am I here for your amusement?"
Let me just focus for now on the news, Mr Pesci. Equus faces a proxy fight at the May 12 annual shareholders meeting. The stock price has been rather stagnant recently. It has been trading in a range roughly between $3 a share and $3.50 a share since June 2009.
The Committee to Enhance Equus, owning 11.4% of the outstanding shares of Equus Total Return, Inc., the dissident group, says that it shares its fellow shareholders' disappointment over this stagnation.
"The Committee also notes the current five-member majority of the Board, which includes Kenneth I. Denos, are attempting to further entrench themselves by packing the Board with four new nominees (who do not personally own any Equus shares) without properly investigating their backgrounds."
Equus has responded by noting that the committee has connections with one of Equus' own portfolio companies, Trulite Inc. , a hydrogen fuel cell firm. One of the nominees for director on the dissidents' slate is Jonathan H. Godshall, CEO of Trulite. Its chairman, John D. White, is another. Paula Douglass, a Director of Trulite, is yet a third. The charge, then, is that they want to take over Equus in order to run Equus for Trulite's benefit, not that of its own stockholders.
"In what way 'peculiar'? Am I a clown for you? Am I here for your amusement?"
Let me just focus for now on the news, Mr Pesci. Equus faces a proxy fight at the May 12 annual shareholders meeting. The stock price has been rather stagnant recently. It has been trading in a range roughly between $3 a share and $3.50 a share since June 2009.
The Committee to Enhance Equus, owning 11.4% of the outstanding shares of Equus Total Return, Inc., the dissident group, says that it shares its fellow shareholders' disappointment over this stagnation.
"The Committee also notes the current five-member majority of the Board, which includes Kenneth I. Denos, are attempting to further entrench themselves by packing the Board with four new nominees (who do not personally own any Equus shares) without properly investigating their backgrounds."
Equus has responded by noting that the committee has connections with one of Equus' own portfolio companies, Trulite Inc. , a hydrogen fuel cell firm. One of the nominees for director on the dissidents' slate is Jonathan H. Godshall, CEO of Trulite. Its chairman, John D. White, is another. Paula Douglass, a Director of Trulite, is yet a third. The charge, then, is that they want to take over Equus in order to run Equus for Trulite's benefit, not that of its own stockholders.
Subscribe to:
Posts (Atom)
