Activist Fund Stages Proxy Battle For Struggling Gleacher

Law360, New York (March 27, 2013, 3:03 PM EDT) -- Gleacher & Co. Inc. is readying itself for a proxy battle after a tumultuous year that saw its namesake chairman step down, a precipitous stock drop and the kickoff of a search for a new owner, the flagging investment bank said late Tuesday.

Clinton Group Inc., which since early this year has amassed nearly a 1 percent Gleacher stake, asked the firm to allow it to submit new director nominations. The window for proposals officially closed last month, but Gleacher relented, setting a new April 8...
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