Third Avenue Blocks Redemptions From Credit Fund Amid Losses

Martin Whitman’s Third Avenue Management put some of the assets in the Third Avenue Focused Credit Fund in a liquidating trust that will seek to sell them over time, the New York-based firm said in a statement on its website dated Dec. 9.

… Last week, Meridee Moore told clients she was returning money in her $1 billion hedge-fund firm Watershed Asset Management, citing the difficulty finding good investments in distressed companies.

via Bloomberg, 日経

委任状合戦におけるmajority voting

Davis Polk writes:

Over 40% of the Russell 3000 companies require directors to be elected by a majority of the votes cast. However, in a contested election, most often the standard reverts back to plurality, meaning that nominees who receive the most number of votes are elected regardless of whether they obtained a majority.

Ethan Allen is among the nearly 6% of companies that do not have a plurality carve-out, according to ISS. That posed the interesting question of what happens if none of the candidates on either ballot, or in any case less candidates than the seven available seats for the board, receive a majority of the votes cast.