Seneca Launches Proxy Fight For Dynegy

Law360, New York (November 11, 2010, 6:21 PM EST) -- Seneca Capital has initiated a proxy fight for control of Dynegy Inc., seeking to shake up the power company's leadership if shareholders agree to vote down a proposed $4.7 billion sale to the Blackstone Group LP.

Seneca is the largest shareholder in Dynegy, with a 12 percent economic interest and a 9 percent voting interest, and it urged shareholders Thursday to oppose the investment firm's bid and vote for two Seneca nominees for the board of directors.

Blackstone announced in August that it had reached a...
To view the full article, register now.