Also this week, Western Investment filed a definitive proxy statement, which shareholders should be receiving soon. The arguments in the letter center around TY's performance, its discount, and the ongoing investigation of Seligman's management. As I wrote before, to me, the biggest difference in this election versus the last election for Western is that they have now said "We have no intention of seeking to open-end or liquidate the fund." In the last election, while Western said that open-ending or liquidating was a last resort, I'm not sure that other shareholders believed them. By making the above statement this time, I think Western is trying to get the support of shareholders who are not exactly happy with the fund, but do not want to see any drastic changes.
Overall, while I agree with all of Western Investment's points, I'm doubtful that these newest letters to shareholders will convince many investors who voted for the incumbent board a few months ago to switch their vote to Western's nominees this time. We shall see though.
TY 1-yr chart: