Saturday, July 22, 2006

Heinz to small shareholders: DROP DEAD!!!!!

New York Times Dealbook today: A bitter war of words emerged today in Nelson Peltz’s proxy contest for five board seats of H.J. Heinz Company. After Heinz accused Mr. Peltz’s firm, Trian, of purposely using a proxy soliciter that prevented “tens of thousands of retail shareholders” from being able to vote via Internet or telephone, Trian hit back with this statment:

“Heinz is well aware, and has known for some time, that the unaffiliated impartial third-party vote processing system does not support Internet and telephone voting of shares held through brokers and other intermediaries when shareholders are seeking to elect only a minority slate of directors in accordance with applicable law. It is not a matter of ‘cooperation’ as Heinz falsely states. The fact that Heinz would try to blame the Trian Group for a third party’s internal processing matter is simply absurd and a desperate act by Heinz to mislead shareholders.”
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My posted comment:

As a Heinz shareholder, I am utterly outraged and disgusted by the company’s behavior in the proxy fight.

I got about 6% of the shareholder vote in 2005 for a proposal to sell the company. Since institutions usually vote for management, I got a high percentage of the small shareholder voter universe. Hence I’m not surprised small shareholders using street names frozen out of the ballot.

America gets all bent out shape about voting irregularities overseas but turns a blind eye to abuses here. At the Southern Republican Leadership Conference in Memphis in March, the GOP refused to list my name on the straw poll ballot despite attending with largest unpaid volunteer delegation from America’s 25 million non-custodial parent movement.

Coming in 9th of 16 as a write-in among among non-Tennesee delegates, my results were listed as “Other”. “Dr Other” beat Pataki, Guiliani, Brownback, Hagel, Gingrich, Barbour and Tancredo! McCain and Rice beat me by about 20-25 votes.

The Politburo is alive and doing very well!!!
Comment by MARK KLEIN, M.D. — July 22, 2006 @ 9:57 am

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