April 5, 2006
Lipton's Solution (?)
I anticipate that Martin Lipton and his buddies will attack hedge fund activity by neutralizing their threat to vote their shares. They will propose state legislation that lengthens the stagger of board elections by increasing terms from 3 years to 5 or 6 years, allows for board elections only once every three to five years (a proposal he has already made), sanctions poison pill plans triggered by hostile proxy contests for more than 2 seats or so, or sanction voting restrictions on stock held less than six months or so. Can't wait -- these initiatives will fail.
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