In rare move, Glass Lewis backs all MG Capital nominees to replace entire HC2 board [Reuters]
HC2 Holdings, Inc. (HCHC)
NASDAQ:AMEX Investor Relations:
ir.hc2.com
Company Research
Source: Reuters
In rare move, Glass Lewis backs all MG Capital nominees to replace entire HC2 board BOSTON, April 29 (Reuters) - Proxy adviser Glass Lewis on Wednesday backed activist investor MG Capital by recommending that HC2 Holdings shareholders replace all board members with the investment firm’s founder Michael Gorzynski and five other nominees. The backing, a rebuke of Philip Falcone, a former hedge fund manager who is now HC2’s chief executive, is noteworthy as proxy advisers rarely recommend dissidents be awarded a majority of board seats. Glass Lewis has also said it does not like recommending people directly associated with the dissident, such as a founder or a partner. In contrast, Glass Lewis’ larger rival Institutional Shareholder Services’ (ISS) recommended shareholders vote for three of MG Capital’s candidates and not re-elect Falcone. “The dissident has made a sufficiently compelling case to warrant supporting its proposed overhaul of the board,” the Glass Lewis report said. “In our
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