MG Capital Comments on HC2’s Desperate, Last-Minute Announcement Regarding Philip Falcone’s Excessive Compensation
HC2 Holdings, Inc. (HCHC)
NASDAQ:AMEX Investor Relations:
ir.hc2.com
Company Research
Source: Business Wire
Decision to Temporarily Withhold Mr. Falcone’s Bonus Validates Our Long-Standing Criticisms Over His Excessive CompensationReminds Stockholders That Mr. Falcone Has Reaped Roughly $60 Million in Compensation Over the Past 6 Years While Hundreds of Millions in Value ErodedQuestions Why the HC2 Board Has Not Pledged to Match Our Nominees Commitment to Cut Director Fees by 50% and Reduce CEO Base Compensation to $1 NEW YORK--(BUSINESS WIRE)--MG Capital Management, Ltd. (together with Percy Rockdale LLC, the nominating stockholder, and its affiliates, “MG Capital” or “we”), a significant stockholder of HC2 Holdings, Inc. (NYSE:HCHC) (“HC2” or the “Company”), which collectively with the other participants in its solicitation beneficially owns more than 6% of the Company’s outstanding shares, today commented on HC2’s announcement regarding CEO Philip Falcone’s decision to not receive incentive compensation until the Company’s stock price reaches $7.50 per share. Additional important info
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