- "We were probably a little late to the game on governance issues," says CommonWealth (CWH +3.8%) President Adam Portnoy after an arbitration panel handed dissident shareholders a big victory. "We didn't realize how big a deal it was to investors."
- Portnoy says governance changes made since the battle with Corvex and Related began have solved the issues which led to the dispute in the first place. "They got 70% of shareholders to sign a card. We realized that was a problem. That is what led us to go out and talk to our whole shareholder base ... We've checked a lot of boxes. It's very hard for investors to criticize us anymore on the governance side." Maybe not. "We firmly believe it is a foregone conclusion that shareholders will take back CommonWealth," say Corvex's Keith Meister and Related's Jeff Blau.
Commonwealth's Portnoy responds to defeat
Nov 19 2013, 15:32 ET