{"id":39190,"date":"2013-11-18T08:35:55","date_gmt":"2013-11-18T13:35:55","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=39190"},"modified":"2013-11-18T11:03:06","modified_gmt":"2013-11-18T16:03:06","slug":"activist-hedge-funds-fight-over-media-company-management","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2013\/activist-hedge-funds-fight-over-media-company-management.html","title":{"rendered":"Activist Hedge Funds Fight For Media Company Management"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/11\/BA-AO767_activ1_NS_20090213232344.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-39193\" alt=\"BA-AO767_activ1_NS_20090213232344\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/11\/BA-AO767_activ1_NS_20090213232344.jpg\" width=\"250\" height=\"248\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/11\/BA-AO767_activ1_NS_20090213232344.jpg 250w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/11\/BA-AO767_activ1_NS_20090213232344-150x150.jpg 150w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a>New York (HedgeCo.Net) &#8211; Minnesota-based entertainment company ValueVision\u00a0Media has rejected proposals by $1.5 billion activist hedge fund Clinton Group to hold a shareholder meeting in order to elect a new CEO and board of directors.<\/p>\n<p>The Clinton Group then joined forces\u00a0with another hedge fund, Cannell Capital, and threatened legal action. The two hedge funds together hold more than 10% of ValueVision&#8217;s stock.<\/p>\n<p>&#8220;Clinton&#8217;s demand letter does not satisfy the applicable requirements of ValueVision&#8217;s by-laws and Minnesota law.&#8221; ValueVision said in a letter, &#8220;Among other things, the group Clinton has formed for the purposes of demanding a special meeting does not hold&#8230;. valid voting power&#8230;.(or) a sufficient percentage of ValueVision&#8217;s outstanding shares to satisfy the required thresholds for demanding a special meeting.&#8221;<\/p>\n<p>The Clinton Group says that the media company should, &#8220;Call off the law firms, publicists, proxy solicitors, investor relations professionals and executive recruiters (and all their unavailing and flimsy delay tactics) and do the right thing as a fiduciary: Put in place the strong board we have recruited.&#8221;<\/p>\n<p>The NYT reports: &#8220;ValueVision Media Inc. has a market capitalization of $259.38 million. It has shown weak growth relative to its peers, with a three-year annualized change of -2.97% in its operating profit margin, compared to the sector average of 7.26%. The company has outperformed the S.&amp;P. 500 over the last 52 weeks, gaining 181.18%.\u00a0Shares in ValueVision fell 1.1 percent, to close at $5.23 on Friday. &#8221;<\/p>\n<p>Alex Akesson<br \/>\nFor\u00a0<a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Minnesota-based entertainment company ValueVision\u00a0Media has rejected proposals by $1.5 billion activist hedge fund Clinton Group to hold a shareholder meeting in order to elect a new CEO and board of directors. The Clinton Group then joined [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,16042,16044,3],"tags":[],"class_list":["post-39190","post","type-post","status-publish","format-standard","hentry","category-activist-funds","category-hedge-fund-performance-2","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39190","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=39190"}],"version-history":[{"count":8,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39190\/revisions"}],"predecessor-version":[{"id":39200,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39190\/revisions\/39200"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=39190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=39190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=39190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}