More shots fired in CommonWealth battle

In today's update on the battle for CommonWealth REIT (CWH), proxy advisory firm Glass Lewis joins ISS in recommending shareholders vote to remove the entire board.

Glass Lewis on CommonWealth management's all-of-a-sudden getting religion: "We consider the common theme in CWH's governance shake-up does not, in fact, indicate a sudden appreciation for progressive engagement, but, rather, a board confronted with a fairly lopsided arbitration defeat."

In the meantime, the Portnoys note Keith Meister's involvement with ADT and how the policies he advocated for (raising debt to fund buybacks) gave him a quick trading profit, but maybe to the long-term detriment of the firm.

Press release

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