Michael J. De La Merced, Corvex Adds Zell to Nominees for CommonWealth Board, N.Y. Times Dealbook (Feb. 11, 2014 4:59 PM)
David Gelles, Activists Prevail in Campaign to Oust REIT’s Board (Mar. 18, 2014 6:14 PM)
The Portnoys were paid $77.3 million in 2012, up from $59.7 million in 2007. CommonWealth’s stock, meanwhile, declined 68 percent in the five years before Corvex and Related arrived.
- CommonWealth REIT, Current Report (Form 8–K) (Mar. 24, 2014 08:14:28)
On March 18, 2014, Related Fund Management, LLC and Corvex Management LP (together, “Related/Corvex”) delivered to the Company what they have represented to be written consents from holders of 96,560,350, or approximately 81%, of the Company’s outstanding common shares consenting to the proposal by Related/Corvex to remove, without cause, Barry M. Portnoy, Adam D. Portnoy, Joseph L. Morea, William A. Lamkin, Frederick N. Zeytoonjian, Ronald J. Artinian and Ann Logan as Trustees of the Company and any other person or persons elected or appointed to the Board of Trustees of the Company prior to the effective time of the proposal (the “Removal Proposal”).