A Closer Look At The Proxy Case Everyone's Talking About
By Chelsea Naso (May 27, 2016, 7:07 PM EDT) -- A judge recently sided with Maryland-incorporated real estate investment trust Ashford Hospitality Prime Inc.'s decision to refuse to approve activist hedge fund Sessa Capital LP's board nominees, effectively ending a proxy contest that would have seen shareholders choose between the status quo and a potentially "enormous" advisory agreement termination fee.
The May 20 Texas federal court decision, which Sessa appealed this week, came after Sessa and Texas-based Ashford Prime both filed motions for preliminary injunction. Sessa, which holds an 8.2 percent stake in Ashford Prime, had asked for the REIT to be required to approve the hedge fund's five nominees to...
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