Ending a long-running and ugly battle, U.S. railroad CSX Corp. will seat two director nominees whose victory over management candidates it had disputed.
The move to add the second pair of nominees proffered by activist hedge funds The Children’s Investment Fund and 3G Capital Partners comes after a federal appeals court upheld a lower court decision allowing the two funds to vote their 6.4% stake in CSX. The Second Circuit Court of Appeals refused to overturn the June decision which found that late disclosures by the hedge funds did not cause the irreparable harm to CSX shareholders necessary to strip them of their rights.
CSX said TCI chief Christopher Hohn and London Underground managing director Timothy O’Toole will join the company’s 12-member board on Sept. 24. Two other hedge fund nominees, including 3G’s Alexandre Behring, were seated in July. The Jacksonville-based company refused to seat Hohn and O’Toole at the time because their margin of victory was small enough that a CSX court victory could have kept them off the board.
In computer networks, a proxy server is a server (a computer system or an application program) which services the requests of its clients by forwarding requests to other servers. A client connects to the proxy server, requesting some service, such as a file, connection, web page, or other resource, available from a different server. The proxy server provides the resource by connecting to the specified server and requesting the service on behalf of the client. A proxy server may optionally alter the client's request or the server's response, and sometimes it may serve the request without contacting the specified server. In this case, it would 'cache' the first request to the remote server, so it could save the information for later, and make everything as fast as possible.
A proxy server that passes all requests and replies unmodified is usually called a gateway or sometimes tunneling proxy.
A proxy server can be placed in the user's local computer or at specific key points between the user and the destination servers or the Internet.
23 September 2008
CSX Capitulates In TCI Proxy Fight
at 11:19 PM
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