 Nobuaki Kurumatani |
Abernathy MacGregor is helping King Street as the New York hedge fund eyes a proxy fight with Japanese industrial giant Toshiba, which has been in a tailspin since its Westinghouse Electric nuclear unit declared bankruptcy in 2017.
King Street, which is one of Toshiba’s largest investors with a 5.4 percent stake, plans to nominate a slate of directors, including co-founder Brian Higgins, to replace the majority of Toshiba’s board.
In a letter to Toshiba CEO Nobuaki Kurumatani, who took over in April, King Street describes its objectives as instlling accountability, improving efficiency, focusing on disciplined capital allocation, maximizing value of assets/businesses and renewing the focus of the corporate portfolio.
“Our goal is return Toshiba to its rightful place as a crown jewel of corporate Japan,” it says.
While King Street credits the directors for doing a commendable job, the hedge fund believes Toshiba needs “a different type of board... to lead its turnaround plan.”
Founded in 1992, King Street is a $20B investment management firm with offices in London, Singapore, Tokyo and Charlottesville.
AbMac’s Shawn Pattison and Will Braun represent King St.
France's Havas owns AbMac.
Matt Ward, who was head of US communications & corporate media relations at HSBC, has joined FTI Consulting’s PR operation unit in New York.
C Street Advisory Group is providing strategic communications services to STG Logistics as the Columbus-based trucking company files for Chapter 11.
Dollar Tree has named Daniel Delrosario senior VP-investor relations & treasurer.
C Street Advisory Group and Publicis' Groupe's Kekst CNC unit work the Chapter 11 filing of Saks Global Holdings as the luxury retailer evaluates its "operational footprint."
Nashville’s Wortman Works is handling Old Glory Bank, which bills itself as the online bank for freedom-loving Americans, as it goes public via a $250M SPAC deal with Digital Asset Acquisition Corp.
