US court rules in favor of CSX against TCI

inch53 Jun 12, 2008

  1. inch53

    inch53 TrainBoard Member

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  2. BoxcabE50

    BoxcabE50 Staff Member TrainBoard Supporter

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    I have been suspicious about that group, since they began complaining about CSX. Looks like that court perceived the same from them.

    Boxcab E50
     
  3. Hytec

    Hytec TrainBoard Member

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    Apparently the Japanese blocked TCI from trying the same tactics about a year ago.
     
  4. SteveM76

    SteveM76 TrainBoard Member

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    Thank goodness! Micheal Ward has done an amazing job since taking John Snow's position. Stock has split and is climbing constantly. I was also worried about TCI. Hedge funds like that tend to only worry about short term and ignore long term effects. I have 28 more years to work for CSX so this is great news for me.
     
  5. Hytec

    Hytec TrainBoard Member

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    TCI & 3G Rebuttal To CSX

    The following was just posted on the A.G.Edwards/Wachovia Securities news page.

    06/13/200811:16AM - TCI, 3G defend board slate to CSX shareholdersSAN FRANCISCO (MarketWatch) -- Hedge funds The Children's Investment Fund and 3G Capital Partners fired back at CSX Corp. (CSX) in a shareholder letter released Friday, saying the railroad operator is trying to scare shareholders into maintaining the status quo in a heated proxy fight. On Thursday, CSX told shareholders to consider whether board members nominated by hedge funds are fit to serve on the board after a federal judge ruled they violated disclosure rules. CSX's annual meeting is on June 25. "The incumbent board and management of CSX would have you believe that, if elected, our nominees would advocate a reckless leveraging of the company's balance sheet or starving it of capital spending," the hedge funds said in a letter to shareholders. "This is simply untrue. In our opinion, the board and management repeat these unfounded allegations in an attempt to scare you into maintaining the status quo for their benefit and to distract you from CSX's substandard operating performance relative to industry peers."
     

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