Activist hedge fund Chapman Capital, filed a 13-D filing with the Securities and Exchange Commission in a bid to put electronic trading network eSpeed Inc. on the market.<\/p>\n
Robert Chapman said his hedge fund, which is eSpeed’s biggest shareholder with 9.3%, has begun contacting eSpeed\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s competitors to gauge interest in the firm, which has suffered a disappointing recent trading performance.<\/p>\n
In its SEC filing, the hedge fund wrote; “Chapman Capital announced its demand that eSpeed maximise shareholder value via a change of control transaction.” It also asked the SEC to compel theeSpeed board of directors to convert the company’s B shares into A shares. Holders of B shares have 10 votes per share, A shares just one vote.<\/p>\n
The hedge fund also said it communicated to Howard Lutnick, the chairman, chief executive and president of eSpeed, its “strong assertion” that, given his “demonstrated failure to perform in his capacity as CEO”, eSpeed’s long-term shareholder value “should be maximised via a full-scale auction” and that “the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s ownership base has conveyed a nearly uniform desire for eSpeed\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s Class A shares to be maximized through a change-of-control transaction.”<\/p>\n
<\/p>\n
<\/p>\n
Alex Akesson HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! <\/p>\n Be sure to check out our sister sites. www.hedgefundlounge.com<\/a>, www.hedgefundtools.com,<\/a><\/strong> and www.hedgefundemployment.com.<\/strong><\/a> <\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Activist hedge fund Chapman Capital, filed a 13-D filing with the Securities and Exchange Commission in a bid to put electronic trading network eSpeed Inc. on the market. Robert Chapman said his hedge fund, which is eSpeed’s biggest shareholder with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5819","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5819","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=5819"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/5819\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=5819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=5819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=5819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net<\/a><\/p>\n