Sleeping chairman: How to alienate all your shareholders in one fell swoop

An activist hedge fun has all but won a battle with the management of one of its assets after its chairman fell asleep during its AGM... not-so-sweet-dreams...

by Emma Haslett
Last Updated: 10 Apr 2014

Activist hedge fund Stillwell Value Partners had been having trouble with one of its investments, Harvard Savings Bank (a tiny bank with branches two branches in Illinois). Now, though, we're pretty confident those problems have gone away. Mainly because of this picture:

That's Harvard chairman Donn Claussen, right in front of the sign saying 'Winning with Teamwork'. Oh, the irony.

The image was made public in an SEC filing submitted under 'definitive additional materials' by Joseph Stilwell, Stilwell's director. The fund has been trying to persuade Harvard to elect a new chairman

In a letter accompanying the photo, Stilwell said:

'Dear Fellow Shareholder,

Below is a picture taken at last year's annual shareholder meeting of our Bank's Chairman. None of the other board members bothered to wake him up.

If you, like me, believe it's time to bring a fresh influence to our Bank's board of directors, please vote the GREEN proxy card for Mark Saladdin.

Sincerely,

Joseph Stilwell'

That's definitely one way to get your way. Carl Icahn: take note...

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