As a follow up on a previous post about the situation with Tri-Continental (CEF: TY), here's a filing that contains a Dow Jones Newswires article about the proxy fight. It's an interesting article and Warren Antler from the Altman Group has a quote in there that he doesn't think Arthur Lipson has a chance. I agree with him in that because dissident shareholders do not own a lot shares it will be more difficult for Lipson.
In contests that depend on small shareholders, management has a big advantage over dissident shareholders. I think the outcome will depend on how small shareholders feel about the fund's performance, and its persistently high discount. I still think it's hard to predict how the vote will turn out.
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