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A.J. Kess Quoted in The Wall Street Journal on GM’s Stock Buyback Plan
03.09.15
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Corporate Partner A.J. Kess was quoted in a Wall Street Journal article discussing GM’s plans to repurchase shares over time, ostensibly to avoid a potential proxy fight with investor Harry Wilson. The article reports that Mr. Wilson, who has criticized the company’s stock price, cash management and operating performance, is expected to drop a previous request to join GM’s board as a result of the company’s buyback plan. In response to negative feedback regarding his generous compensation arrangement with the hedge funds supporting him related to his possible service on GM’s board, Mr. Wilson said he was willing to lock up any payouts in GM stock “for an extended period of time.” A.J. suggested that the investor should instead forfeit any payments unless GM’s stock is up a decade from now.