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Tri Continental Corporation Com Message Board

  • kretchmard kretchmard May 4, 2006 3:00 PM Flag


    In my first reading of the press release I incorrectly inferred that the issue was that a majority of shares was not voted. A reread tells me that the issue is that the current directors did not receive a majority vote from the shares outstanding.

    I believe the current directors can stay in office "forever" if this condition persists.

    By the way, here is the misleading statment issued by Western:

    "In making its recommendation, Glass Lewis, noting the ongoing investigation of J.&W. Seligman & Co. Incorporated, Tri-Continental's fund manager, being pursued by both the SEC and the New York State Attorney General's Office, stated that the "presence of these issues suggest certain material control weaknesses within Seligman." The press release issued April 27, 2006 mistakenly stated that the ongoing investigation is of Tri-Continental. The ongoing investigation is of Seligman, Tri-Continental's fund manager."

    I'm not sure if the correction is more favorable to the current directors of TY, or makes them look like bigger fools.

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