New York (HedgeCo.Net) – Hedge Fund Davidson Kempner Capital Management has declared a proxy victory after replacing all but one of the board members of the Sun-Times Media Group.<\/p>\n
Davidson Kempner, who owns a 6% share in the parent company of the Chicago Sun-Times, expressed its discontent with the current board, blaming them for the financial woes of the company. <\/p>\n
Hedge funds are no strangers to shaking up boards of companies in which they invest, many times in order to gain a strategic position where they can be involved in management and the decision making process in hopes of garnering higher returns for shareholders.<\/p>\n
"Through the provision of these consents, the stockholders have made clear their desire and support for a board of directors that is made up of professionals experienced in publishing and restructuring," said Davidson Kempner. "Given the operating and financial challenges before Sun-Times, we believe that the reconstituted board has the better potential to guide and lead Sun-Times."<\/p>\n
The new slate includes Jeremy Halbreich, former General Manager for the Dallas Morning News and executives Michael Katzenstein and Robert Schmitz. Robert Poole, who holds an 11% stake in the company, will remain on the board. The hedge fund has also vocalized their desire to dump current CEO Cyrus Freidheim.<\/p>\n
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net<\/p>\n
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