Western Investment Hedged Partners L.P. Receives Backing of Glass, Lewis & Co., Respected Proxy Advisory Service, in Tri-Contin
2006年4月27日 - 9:30PM
ビジネスワイヤ(英語)
Western Investment Hedged Partners L.P. today announced that Glass,
Lewis & Co., an influential provider of voting advisory
services to major institutional investors, has recommended that its
clients vote their shares of Tri-Continental Corporation (NYSE: TY)
to support Western Investment's slate of director nominees at the
Tri-Continental Annual Meeting of Stockholders scheduled for May
4th. In making its recommendation, Glass Lewis, noting the ongoing
investigations of Tri-Continental being pursued by both the SEC and
the New York State Attorney General's Office, stated that the
"presence of these issues suggest certain material control
weaknesses within Seligman." Glass Lewis went on to discuss the
discount to net asset value at which Tri-Continental shares have
historically traded and stated that "by Seligman's own criteria,
(the discount) may be excessive and as such, in our opinion,
Seligman has failed to take the necessary actions to benefit
Tri-Continental shareholders." They concluded by stating that
Western Investment's "participation will afford shareholders an
independent voice with regard to the ongoing strategy and
management of the fund." Art Lipson, of Western Investment,
commented: "We are gratified that Glass Lewis has recognized the
logic of our efforts. We believe that the unanimous support of both
ISS and Glass Lewis in favor of our slate of three nominees is
enormously significant. We expect to remain holders of
Tri-Continental for a number of years, and if elected, we fully
intend to work with our fellow board members to improve
Tri-Continental's performance, revamp its management and reduce the
market discount to Net Asset Value to a reasonable level. Both ISS
and Glass Lewis saw through Tri-Continental's irresponsible and
misleading claim that we are "out to destroy this 77 year-old"
fund, and instead acknowledged that the election of our nominees
would be beneficial to Tri-Continental stockholders. Do not be
fooled by Tri-Continental into supporting Seligman's failed
management. Since the Annual Meeting is only days away, we are
asking Tri-Continental stockholders to sign and return their GOLD
proxy cards as soon as possible. They deserve the professional and
responsible stockholder representation we intend to provide on the
Tri-Continental board." We urge Tri-Continental Stockholders to
sign, date and return the GOLD proxy today, voting to install three
truly independent stockholder representatives to the nine-member
board. The latest dated proxy each stockholder returns will be the
only one counted, so even if a stockholder has already sent in a
proxy to Tri-Continental, he or she has every legal right to change
his or her your vote and support our slate with the GOLD proxy
card. 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.
To contact Western Investment Hedged Partners L.P. or for
additional information, please visit: www.fixmyfund.com.
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