Western Investment has announced
that the management of Tri-Continental Corporation (CEF: TY
) has illegally refused to release a list of its stockholders, and instead of taking the law into their own hands, they're going to take 'em to court. Western Investment needs this information in order to pursue their solicitation of proxies for their board nominees.
Tri-Continental's board has not yet responded to the charges, but if they are true, this is very disturbing. The board can oppose Western Investment, but shareholders have the right to hear arguments from both sides and then decide for themselves whose nominees they support.
But I won't pass judgment now without knowing the whole story. I expect that we will find out more about this soon since the contested shareholder meeting is only about six weeks away.
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