{"id":4287,"date":"2006-04-19T00:00:00","date_gmt":"2006-04-19T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-urges-massey-holders-to-back-its-slate","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2006\/hedge-fund-urges-massey-holders-to-back-its-slate.html","title":{"rendered":"Hedge fund urges Massey holders to back its slate"},"content":{"rendered":"<p>Reuters &#8211; Hedge fund Third Point LLC on Tuesday urged Massey Energy Co. (MEE.N: <a href=\"http:\/\/today.reuters.com\/stocks\/overview.aspx?symbol=MEE.N\">Quote<\/a>, <a href=\"http:\/\/today.reuters.com\/stocks\/CompanyProfile.aspx?symbol=MEE.N\">Profile<\/a>, <a href=\"http:\/\/today.reuters.com\/stocks\/ResearchReports.aspx?symbol=MEE.N\">Research<\/a>) stockholders to approve twoof its candidates for the coal mining company&#8217;s board, saying they would provide &#8220;a new voice and a fresh perspective,&#8221; according to proxy statements.<\/p>\n<p>  Massey shares gained $2.10 in morning trading, up 5.8 percent, to $37.91 on the New York Stock Exchange.<\/p>\n<p>  Third Point, which has $4 billion in assets and is headed by investor Daniel Loeb, controls some 5.9 percent of the Richmond, Virginia-based company, according to regulatory filings.<\/p>\n<p>  Massey, under pressure from Third Point, last year approved a plan to repurchase up to $500 million in stock, but said the program probably would not start until later this year.<\/p>\n<p>  Loeb, however, advocated that the buyback begin sooner, given Massey&#8217;s &#8220;relatively depressed&#8221; share price. Loeb also nominated himself and an associate, Todd Swanson, to the Massey board in March.<\/p>\n<p><a href=\"http:\/\/www.google.com\/news\/url?sa=T&amp;ct=us\/8-0&amp;fd=R&amp;url=http:\/\/today.reuters.com\/investing\/financeArticle.aspx%3Ftype%3DfundsNews2%26storyID%3D2006-04-18T150917Z_01_N18350953_RTRIDST_0_FINANCIAL-MASSEY-DISSIDENTS.XML&amp;cid=0&amp;ei=Zt9FRL7XJo_MpwLEw8WoBQ\">ReadComplete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; Hedge fund Third Point LLC on Tuesday urged Massey Energy Co. (MEE.N: Quote, Profile, Research) stockholders to approve twoof its candidates for the coal mining company&#8217;s board, saying they would provide &#8220;a new voice and a fresh perspective,&#8221; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4287","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4287","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4287"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4287\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}