Reliant Shareholder Withdraws Proxy Proposal

Law360, New York (February 21, 2007, 12:00 AM EST) -- A Reliant Energy Inc. investor withdrew a contentious proxy proposal Tuesday, rendering a lawsuit Reliant launched to block the proposal moot.

Hedge fund and Reliant stockholder Seneca Capital LP submitted its intention to withdraw its proposal to the U.S. District Court for the Southern District of Texas just three weeks after Reliant filed its complaint seeking declaratory judgment. Seneca also submitted a motion to dismiss based on mootness.

Reliant’s complaint seeking declaratory judgment centered on a proposal and supporting statement submitted by Seneca Capital on December...
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