Thai Capital Fund (NYSEMKT:TF-OLD) is a fairly obscure closed-end fund restricted to investing in companies in Thailand. The fund has not done too well performance wise and management agrees that there is no justification for the high fees the company charges. Shareholders voted in 2012 to liquidate the fund but broker non-votes became the obstacle that blocked the liquidation of the fund. To work around this, the board suggested and won support for perpetual preferred shares at 1%, however, Bulldog Investment LLC took matters into their own hands and bought a +30% position in the company and majority shareholders voted to liquidate the fund in June 2013. Thai Capital has a set time-line on liquidation and is currently...
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