March 10, 2013 / 4:20 PM / in 5 years

UPDATE 1-TPG-Axon says ruling shows SandRidge directors' folly

March 10 (Reuters) - Hedge fund TPG-Axon said on Sunday that
a Friday court ruling barring the board of SandRidge Energy Inc
 from resisting its campaign to replace the energy firm's
board shows precisely why the change is needed.
    During TPG-Axon's efforts to seek shareholder solicitations
to replace SandRidge's directors, they "acted in a manner to
entrench themselves and prevent a fair process from playing
out," the hedge fund said. 
    Friday's ruling by a Delaware judge, which prevents
SandRidge from seeking to revoke those shareholder consents or
rely on any revocations it had received, further demonstrates
why the directors must replaced, TPG-Axon said, noting that the
board has "shown disregard" for stockholders.
    TPG-Axon, which owns 7.3 percent of SandRidge, said
shareholders that support its slate should submit their consents
before March 13. 
    A spokesman for SandRidge was not immediately available to
comment on Sunday outside of regular business hours.
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