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Scooters instead of boardroom ‘kabuki’: how one fund manager picks winners

June 12, 2017 By Svea Herbst-Bayliss BOSTON (Reuters) – Mitch Golden scrutinizes hedge fund managers and their investment ideas in a variety of settings from the back of a motor scooter in Ho Chi Minh City to a park bench in New York’s Central Park. The lieutenant of billionaire investor David Einhorn says it gives him the sort of perspective he can’t get from sitting in an office. “This is a really hard job to do by just looking at the stuff that comes across your desk. You have to…

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GM investors reject Greenlight share plan, board slate

June 6, 2017 By Nick Carey and Joseph White DETROIT (Reuters) – General Motors Co shareholders on Tuesday overwhelmingly rejected proposals by hedge fund Greenlight Capital to restructure the company’s stock and reshape its board, backing Chief Executive Mary Barra’s efforts to rev up the company’s stalled share price. Seeing off the challenge from Greenlight manager David Einhorn does not mean the end of Barra’s challenges. GM shares traded on Tuesday at $34.25 a share, about 16 percent lower than when Barra became CEO, despite robust profits and a series…

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Glass Lewis backs GM’s board nominees, opposes Greenlight’s proposal

May 26, 2017 (Reuters) – General Motors Co said on Friday proxy adviser Glass Lewis & Co LLC recommended shareholders to vote for GM’s board nominees and against Greenlight Capital’s proposal at the company’s annual shareholder meeting in June. Hedge fund manager David Einhorn’s Greenlight has been pressuring GM to split its common stock into two classes to help boost its share price. Glass Lewis agreed with the automaker that “there are a number of risks and uncertainties associated with Greenlight’s plan and that it is speculative in nature,” GM…

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In proxy fight, Greenlight says GM misrepresented its stock plan

April 12, 2017 By Nick Carey and Svea Herbst-Bayliss DETROIT/BOSTON (Reuters) – Greenlight Capital nominated three directors to General Motors Co’s board on Wednesday and accused the company of misrepresenting to ratings agencies the prominent hedge fund’s proposal to split the automaker’s common stock into two classes. Greenlight manager David Einhorn told Reuters on Wednesday the automaker has refused to allow him to present his proposal to credit agencies for a formal review of how the plan would affect the company’s credit risk. “We think the credit rating process has…

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Investors unimpressed by Einhorn’s GM share class plan: survey

March 31, 2017 By Svea Herbst-Bayliss BOSTON (Reuters) – Investors have given billionaire hedge fund manager David Einhorn’s plan to boost General Motors Co’s value a frosty reception with most surveyed saying his call for two types of shares would not raise the automaker’s worth, according to an Evercore ISI poll. Einhorn, who runs hedge fund Greenlight Capital, this week proposed that GM create two classes of stock, one that pays a dividend and one that does not, to boost the No. 1 U.S. carmaker’s languishing share price. More investors…

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