August 17, 2016 / 7:30 PM / 3 years ago

Hedge fund Maglan demands removal of four FairPoint board members -letter

BOSTON, Aug 17 (Reuters) - Hedge fund Maglan Capital on Wednesday demanded that telecom carrier FairPoint Communications remove four board members, stepping up the pressure on a company whose shares it thinks could trade 70 percent above their current value.

In a letter sent to the board and FairPoint Communications CEO Paul Sunu on Wednesday, and seen by Reuters, the hedge fund’s two founders said they want board members Dennis Austin, Michael Mahoney, David Treadwell, and Wayne Wilson to “immediately tender their resignations” and warned they would push for a special meeting if no action is taken. (Reporting by Svea Herbst-Bayliss; Editing by Chris Reese)

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