NJ Times – Hess Corp., the New York-based oil company, said shareholder Paul Singer’s Elliott Management Corp. is proposing to pay its board nominees fees to liquidate the company.
“Under this highly unusual scheme, Elliott would control its directors by potentially paying them millions in cash to effectively dismantle Hess,” Chairman and Chief Executive Officer John Hess said in a letter to shareholders today. Hess is fighting Elliott’s proposal to replace five of the company’s 13 board members at a meeting scheduled for May 16.
