Western Investment Hedged Partners L.P. Announces that Supreme Court of the State of New York Orders Tri-Continental Corporatio
2006年4月7日 - 2:26AM
ビジネスワイヤ(英語)
Western Investment Hedged Partners L.P. today announced that the
Supreme Court of the State of New York has issued an order
requiring Tri-Continental Corporation (NYSE-TY) to provide a list
of its stockholders pursuant to law. Western, which, with its
affiliates currently owns over 7% of Tri-Continental, is soliciting
proxies to elect its nominees to the Tri-Continental board of
directors at Tri-Continental's May 4, 2006 annual meeting.
Tri-Continental, a closed-end fund managed by J.&W. Seligman
& Co. Incorporated, has prevented Western from contacting the
owners of almost 45% of the outstanding shares of Tri-Continental
by refusing access to its stockholder list. The Court, in its
ruling ordering Tri-Continental to turn over the stockholder list,
observed that "Basically, the arguments Tri-Continental makes to
justify its withholding of the lists only serve to protect its
officers and directors." Do not be misled by any statements from
Tri-Continental. We believe their refusal to provide the
stockholder list was a violation of state law. Art Lipson of
Western, commenting on the Court's decision, agreed, stating that
"the ability of shareholders to communicate with each other is the
foundation of corporate democracy. That's why it's protected by
statute, and why we are gratified that the Court quickly saw
through Tri-Continental management's self-serving attempts to deny
its stockholders that ability." Alluding to the dismal total
returns achieved by Tri-Continental management over 15 years, he
continued, "Given their lack of performance, I can see why a free
exchange of ideas amongst their investors might trouble them. We
are here to let the tens of thousands of Tri-Continental investors
know that they are not being well-served by Tri-Continental's
current directors, that they deserve better and that we intend to
do what we can to provide it. Seligman's performance record for
Tri-Continental is indefensible, its failure to address the
persistent, sizeable discount to NAV shameful, and its attempts to
muzzle stockholder debate unacceptable. It's clearly time for a
change, and with the support of our fellow shareholders, we will
work to provide it." A copy of the Court's decision will be posted
online at www.fixmyfund.com shortly. CERTAIN INFORMATION CONCERNING
WESTERN INVESTMENT Western Investment Hedged Partners L.P.
("Western Investment"), together with the other Participants (as
defined below), has made a definitive filing with the SEC of a
proxy statement (the "Proxy Statement") and accompanying proxy
cards to be used, among other things, to solicit votes for the
approval of certain matters at the annual meeting (the "Annual
Meeting") of Tri-Continental Corporation (the "Company") scheduled
for May 4, 2006 and in support of the election of the Participants'
slate of director nominees at the Annual Meeting. Western
Investment advises all stockholders of the Company to read the
Proxy Statement and other proxy materials relating to the Annual
Meeting as they become available because they contain important
information. Such proxy materials are available at no charge on the
SEC's web site at http://www.sec.gov. In addition, the Participants
in the solicitation will provide copies of the proxy materials,
without charge, upon request. Requests for copies should be
directed to the Participants' proxy solicitor, Innisfree M&A
Incorporated, at its toll-free number: (877) 456-3510 or by e-mail
at: mbrinn@innisfreema.com. The Participants in the proxy
solicitation are Western Investment, Western Investment LLC, Arthur
D. Lipson, Western Investment Activism Partners LLC, Benchmark Plus
Institutional Partners, L.L.C., Benchmark Plus Partners, L.L.C.,
Benchmark Plus Management, L.L.C., Paradigm Partners, N.W., Inc.,
Scott Franzblau, Robert Ferguson, Michael Dunmire, Paul Derosa,
Marlene A. Plumlee and Elyse Nakajima (the "Participants").
Information regarding the Participants and their direct or indirect
interests is available in the Schedule 13D jointly filed with the
SEC on January 6, 2006, as subsequently amended on January 10,
2006, February 15, 2006 and March 3, 2006 and the Proxy Statement.
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