|According to hedge fund industry experts, activist hedge fund TPG-Axon Capital Management has pulled-off the unthinkable in its settlement with SandRidge Energy with the forced termination of its founder, chairman and CEO, Tom Ward. As reported by Institutional Investors Alpha, SandRidge Energy caved to demands by TPG-Axon Capital, which owns a 6.5 percent stake, to fire Tom Ward or risk a board takeover. |
The stunning aspect of the settlement is that Dinakar Singh’s TPG-Axon Capital was able to force the change without having to acquire a larger stake, which could have also triggered a poison pill. Still, the former founder of SandRidge Energy stands to reap more than $50 million in severance payments and he walks away with more than 6 million shares of stock.
|Hedge Fund Lists|