{"id":31244,"date":"2012-09-13T00:52:36","date_gmt":"2012-09-13T04:52:36","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=31244"},"modified":"2012-09-12T22:56:41","modified_gmt":"2012-09-13T02:56:41","slug":"bc-supreme-court-rules-against-new-york-hedge-fund-mason-capital","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2012\/bc-supreme-court-rules-against-new-york-hedge-fund-mason-capital.html","title":{"rendered":"UPDATE: Telus vs. Hedge Fund"},"content":{"rendered":"

\"\"<\/a>New York (HedgeCo.Net) – The\u00a0New York-based hedge fund Mason Capital remains firm with it’s plan to appeal a court decision blocking it from holding a shareholders meeting.<\/p>\n

\u201cWhile we are disappointed by the court\u2019s decision, on a review of the reasons, we have concluded that there are strong grounds of appeal,\u201d the hedge fund said Wednesday.<\/p>\n

The Supreme Court of British Columbia decided\u00a0Tuesday (11th Sept)\u00a0that hedge fund Mason Capital cannot hold a meeting of Telus shareholders, the court said the actions of Mason Capital were contrary to law and that Mason’s meeting and resolutions will not proceed. The back story is\u00a0reported\u00a0on here<\/a>\u00a0by HedgeCo.<\/p>\n

“When a party has a vote in a company but no economic interest in that company, that party’s interests may not lie in the wellbeing of the company itself.” The court said, “The interests of such an empty voter and the other shareholders are no longer aligned and the premise underlying the shareholder vote is subverted.”<\/p>\n

Telus plans to have its\u00a0regularly\u00a0scheduled meeting\u00a0October 17\u00a0where shareholders will have a vote on the company’s proposal to exchange its non-voting shares into common shares on a one-for-one basis.<\/p>\n

“Mason owns nearly 20 per cent of Telus\u2019 voting shares but it has also \u201csold short\u201d some of its shares \u2014 a stock-trading manoeuvre that Telus argues reduces Mason\u2019s true holding to less than one per cent of the company\u2019s economic value.” The Vancouver Sun Reports.<\/em><\/p><\/blockquote>\n

Generally, an investor or group of investors with at least five per cent of a company\u2019s stock are entitled to demand, or requisition, a meeting of a Canadian public company\u2019s shareholders. Which, the court says the hedge fund does not have.<\/p>\n

Alex Akesson
\nEditor for HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a> is a premier hedge fund database<\/a> and community for qualified and accredited investors only. Membership in HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.Net) – The\u00a0New York-based hedge fund Mason Capital remains firm with it’s plan to appeal a court decision blocking it from holding a shareholders meeting. \u201cWhile we are disappointed by the court\u2019s decision, on a review of the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16005,3],"tags":[],"class_list":["post-31244","post","type-post","status-publish","format-standard","hentry","category-developing-stories","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=31244"}],"version-history":[{"count":10,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31244\/revisions"}],"predecessor-version":[{"id":31248,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/31244\/revisions\/31248"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=31244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=31244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=31244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}