Dolan to reduce board?

hypokondriak

Active SatelliteGuys Member
Original poster
Oct 1, 2004
21
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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.
 
He said he would when he named the last new members. I believe the stockholders meeting is in May.

I sort of enjoy him making monkies out of Wallstreet and a few trolls on this forum.
 
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