The activist hedge fund wants to make a deal: If ValueVision Media stops spending so much money on lawyers*, it won't make the company spend even more money on lawyers.
The activist hedge fund Clinton Group stepped up the pressure on ValueVision Media on Monday, threatening to take legal action if the board did not comply with its demands to call a special shareholder meeting….
On Friday, the company rebuffed the Clinton Group’s demands and said that the hedge fund had no legal basis to call a special meeting under Minnesota corporate law….
“Our lawyers will be in touch on this technical point and, if you so demand, we will have it adjudicated by a court,” the letter says. ValueVision did not immediately respond to the letter.
The Clinton Group’s latest letter urges ValueVision to “call off the law firms, publicists, proxy solicitors, investor relations professionals and executive recruiters (and all their unavailing and flimsy delay tactics) and do the right thing as a fiduciary: Put in place the strong board we have recruited.”
Clinton Group Threatens Legal Action Against ValueVision's Board [DealBook]
*And surrenders unconditionally, dumps its entire board and shit-cans both its chairman and CEO, of course.