CommonWealth REIT Challengers Win Round In Arbitration

Law360, New York (August 8, 2013, 7:53 PM EDT) -- An arbitration panel on Wednesday handed Corvex Management LP and Related Fund Management LLC a key victory in their campaign to oust the CommonWealth REIT board, invalidating two of CommonWealth's defenses but delaying a broader decision until October.

The arbitration panel ruled that CommonWealth's bylaw requiring stockholders to have held 3 percent of shares for three years before they could seek shareholder consent to replace the incumbent board was excessively strict and therefore invalid.

Corvex and Related, which together own 9.6 percent of CommonWealth but have...
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