Carl is asking for 4 seats on the CHK board and has reported a 50.1 million share take or 7.6%.
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Carl wants two seats and suggests that two more seats be appointed by “another large shareholder like Southeastern Management”.
The BoD consists of 9 seats including Aubrey’s. Carl’s letter exempts Louis Simpson. In all he asks that 4 seats out of 8 be up for grabs. That’s pretty ballsy considering he has 7.6% stake and SE has ~13%.
In the end I think this will be just like end of 2010. Icahn announced a big position and said he was going to shake things up. He did nothing but cashed out with a big gain. Good for him and anyone that tags along with the same timing. Everyone else will be left in the same shit heap as before.
Carl is going to fucking kill those rednecks.