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Sunday, June 22, 2008 --- 77 days ago http://seekingalpha.com/article/82240-csx-tci-court-documents-thoughts-on-disclo
 Todd Sullivan submits: Not sure if anyone has seen this but it is a must read. Click to read the whole document : Some people deliberately go close to the line dividing legal from illegal if they see a sufficient opportunity for profit in doing so. A few cross that line and, if caught, seek to justify their actions on the basis of formalistic arguments even when it is apparent that they have defeated the purpose of the law. This is such a case. The defendants – two hedge funds that seek extraordinary gain, sometimes through “shareholder activism” – amassed a large economic position in CSX Corporation (CSX), one of the nation’s largest railroads. They did so for the purpose of causing CSX to behave in a manner that they hoped would lead to a rise in the value of their holdings. And there is nothing wrong with that. But they did so in close coordination with each other and without making the public disclosure required of 5 percent shareholders and groups by the Williams Act, a statute that was enacted to ensure that other shareholders are informed of such accumulations and arrangements. They now have launched a proxy fight that, if successful, would result in their having substantial influence and perhaps practical working control of CSX. Defendants seek to defend their secret accumulation of interests in CSX by invoking what they assert is the letter of the law. Much of their position in CSX was in the form of total return equity s ... |
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