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Practice Management > Compensation and Fees

Third Point Gains Massey Seat (or Two)

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RICHMOND, Va. (–Massey Energy Company announced Tuesday [May 30] that the preliminary count from the company’s recent shareholders’ meeting indicates hedge fund Third Point LLC, New York, has obtained at least one seat on the company’s board of directors.

Third Point didn’t return a telephone call requesting comment Wednesday.

Massey’s statement cautioned that results haven’t been certified by the independent tabulator, and that the task of determining final results is complicated by the provision in the company’s charter that permits cumulative voting for directors.

The company and Third Point agree, the statement said, that preliminary results indicate Third Point has gained one seat, but they disagree beyond that. The Massey statement says, “The Company’s interpretation ?? 1/2 indicates that Third Point has obtained only the one seat while Third Point’s interpretation indicates that it obtained a second seat?? 1/2 .”

At the annual meeting, May 16, the company asked shareholders to reelect three current board members: John C. Baldwin, James B. Crawford, and E. Gordon Gee. Third Point proposed a slate of two: Daniel Loeb (Third Point’s principal) and Todd Swanson.

The shareholders also voted on a management proposal to amend the company’s charter and bylaws to lower the requirement for amending the bylaws from 80% to 67% of the total voting power of all outstanding shares. That proposal failed to receive the necessary 80%. The shareholders approved the appointment of Ernst & Young LLC as the company’s independent registered public accounting firm for 2006, and they approved the stock and incentive compensation plan.

The company didn’t announce the preliminary voting results until after the close of trading at NYSE Tuesday. Massey’s stock value (NYSE:MEE) rose Wednesday, though not dramatically.

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Contact Bob Keane with questions or comments at [email protected].


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