http://www.businessweek.com/ap/financialnews/D89682VO0.htm?campaign_id=apn_home_down
Hope this hasn't already been posted - the tactics continue...
Cablevision proposes reducing board
MAR. 31 6:02 P.M. ET In a move to solidify his control of the board, Cablevision Systems Corp. Chairman Charles Dolan said he plans to propose that the board reduce its size to 12 members from 15.
In a letter to the board attached to a filing Thursday with the Securities and Exchange Commission, Dolan said he plans to raise the proposal at the April 18 board meeting.
Dolan, who controls a majority of Class B shares of the entertainment, media and telecommunications company, has the right to name 75 percent of the board members at the next annual meeting. The rest will be elected by holders of the publicly traded Class A shares.
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If the board size is reduced, the nine directors appointed by Dolan will constitute 75 percent of the board.
Dolan lost a boardroom showdown earlier this year, when directors sided with his son James in opposing the satellite venture Voom, which Charles had championed.
New York's Metropolitan Transportation Authority on Thursday cleared the New York Jets' plan for a $1.7 billion Manhattan stadium, rejecting a competing proposal from Cablevision.
Cablevision's Class A shares fell 10 cents, or 0.4 percent, to close at $28.05 Thursday on the New York Stock Exchange. The company is based in Bethpage, N.Y.
Hope this hasn't already been posted - the tactics continue...
Cablevision proposes reducing board
MAR. 31 6:02 P.M. ET In a move to solidify his control of the board, Cablevision Systems Corp. Chairman Charles Dolan said he plans to propose that the board reduce its size to 12 members from 15.
In a letter to the board attached to a filing Thursday with the Securities and Exchange Commission, Dolan said he plans to raise the proposal at the April 18 board meeting.
Dolan, who controls a majority of Class B shares of the entertainment, media and telecommunications company, has the right to name 75 percent of the board members at the next annual meeting. The rest will be elected by holders of the publicly traded Class A shares.
Advertisement
If the board size is reduced, the nine directors appointed by Dolan will constitute 75 percent of the board.
Dolan lost a boardroom showdown earlier this year, when directors sided with his son James in opposing the satellite venture Voom, which Charles had championed.
New York's Metropolitan Transportation Authority on Thursday cleared the New York Jets' plan for a $1.7 billion Manhattan stadium, rejecting a competing proposal from Cablevision.
Cablevision's Class A shares fell 10 cents, or 0.4 percent, to close at $28.05 Thursday on the New York Stock Exchange. The company is based in Bethpage, N.Y.
