SandRidge Fires Back at Hedge-Fund Claims

From WSJ Blogs: SandRidge Energy went on the offensive against a major shareholder’s push to replace the company’s board and amend its bylaws, describing the proposal as an attempted coup by a self-interested and uninformed investor.

TPG-Axon Capital Management LP filed consent solicitation documents with the Securities and Exchange Commission earlier this week, asking shareholders to approve a plan to change SandRidge’s bylaws and to replace its entire board of directors, including Chief Executive Tom Ward.

The fund, which owns 6.7% of SandRidge, has sharply criticized SandRidge management in a series of letters and filings in recent months, saying that the company has spent recklessly and incoherently, without regard for shareholder value.  SandRidge shot back in its own filing that TPG-Axon is an “opportunistic investor with short-term interests,” and said the slate of nominees (which includes TPG-Axon founder Dinakar Singh) are not familiar with SandRidge’s operations or with the oil and gas production sector….

Read all about it at http://blogs.wsj.com/deals/2012/12/28/sandridge-fires-back-at-hedge-fund-claims/