Thursday, May 11, 2006

NYSE Shareholders Upset

In an open letter to directors and shareholders of NYSE Group Inc Tom Caldwell is taking the position that former seat holders who now hold shares need to be represented on the board of directors. Specifically he is looking for three seats out of the twelve available. Mr Caldwell and investors were the second largest holders of seats before NYSE went public. Mr. Calwell is also unhappy with the restrictions on how former seat holder shares are restricted over the next three years. This group has profited enormously from a rather savvy play. Are they really trying to take their chips off the table?