{"id":4329,"date":"2006-04-27T00:00:00","date_gmt":"2006-04-27T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"massey-energy-third-point","status":"publish","type":"post","link":"https:\/\/staging.hedgeco.net\/news\/04\/2006\/massey-energy-third-point.html","title":{"rendered":"Massey Energy &#038; Third Point LLC"},"content":{"rendered":"<div class=\"writeboardbody\">  WEST PALM BEACH, FL (HEDGECO.NET) &#8211; Third Point <span class=\"caps\">LLC<\/span> has filed a report with the U.S. Securities and Exchange Commission on Monday stating that Massey Energy should be held  responsible for its history of poor management guidance and weak stock performance .  <\/p>\n<p>    \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cIt is necessary to hold management accountable for operational shortcomings,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d said Third Point in the filing.&nbsp; Third Point is a hedge fund based in New York City, and with a reported $4    billion in assets, they have the funding necessary for such a venture.  <\/p>\n<p>    The hedge fund is headed by activist shareholder Daniel Loeb, Third Point controls some 5.9 percent of Virginia-based Massey Energy.&nbsp; Loeb nominated himself and an associate, Todd Swanson,    to the Massey board in March and are asking other Massey shareholders to elect them to the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s nine-member board of directors next month.&nbsp; The hedge fund expects to spend $500,000    trying to win the election.  <\/p>\n<p>    Loeb said in an interview with Reuters that he would urge the company to expedite or expand the share buyback program and make further proposals including a \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201creview the personal use by management    of private aircraft, company housing and company cars.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d  <\/p>\n<p>    \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cIn the past three years,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d stated the <span class=\"caps\">SEC<\/span> in filing, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201c[Massey] has lavished compensation on its chief executive officer, paying him a multiple of the <span class=    \"caps\">CEO<\/span> compensation paid by four publicly-traded competitors.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d Peabody Energy Corporation, <span class=\"caps\">CONSOL<\/span> Energy Inc., Arch Coal, Inc. and Foundation Coal Holdings,    Inc.  <\/p>\n<p>    Massey Chief Executive, Don Blankenship was paid $33.7 million for the year ended Dec. 31, 2005.  <\/p>\n<p>    Alex Akesson<br \/>    Contributing Writer<br \/>    HedgeCo.Net<br \/>    Email: Editor@hedgeco.net  <\/p>\n<p>    HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge    Funds!  <\/p>\n<p>    <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=\"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong>    and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a>  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WEST PALM BEACH, FL (HEDGECO.NET) &#8211; Third Point LLC has filed a report with the U.S. Securities and Exchange Commission on Monday stating that Massey Energy should be held responsible for its history of poor management guidance and weak stock [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4329","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4329"}],"version-history":[{"count":0,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4329\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}