The Children's Investment Fund Management L.L.P. (TCI) no longer is a part owner of CSX Corp., the Class I it engaged in a long proxy fight last year. Last week, TCI sold its 17.8 million shares in the railroad, according to Securities and Exchange Commission (SEC) filings. The company had owned a 4.5 percent stake in the Class I.
The hedge fund and TCI Managing Partner Christopher Hohn filed forms with the SEC indicating the sale of nearly all of the stock they held, says CSX spokesman Garrick Francis. Hohn will continue to own 5,150 CSX shares himself.
Last year, TCI and 3G Capital Partners Ltd. nominated five members to the railroad's board and won four seats after a long battle — which included lawsuits — with the Class I's senior managers. Hohn, London Underground Managing Director Timothy O'Toole, 3G Managing Director Alexandre Behring and Lamphere Capital Management Managing Director Gilbert Lamphere won election to the board.
However, Hohn has announced plans to not seek re-election. The other three board members expect to seek re-election at CSX's annual shareholders meeting on May 6.
— Jeff Stagl
Source: Progressive Railroading Daily News
