Summary
ACTIVIST investor Bryan Myerson, who this week failed in a court bid to have a Pounds 9.5 million divorce settlement reduced because of his credit-crunch losses, has built up his stake in Principal Capital trust. He previously managed the fund but was ejected in a shareholder revolt last week. Nominee accounts controlled by Myerson and his team grew their stake from 13.99% to 20.98% or 21,021,082 shares worth more than Pounds 6 million. While the shares controlled are not sufficient for him to reinstate himself as manager, they are enough to frustrate an attempt to return assets to investors. Myerson was removed in a coup orchestrated by US hedge fund QVT, Invesco and fund of hedge funds EIM, which are hoping for a rapid wind-up. While agreeing to go ahead with liquidation, Myerson now controls enough votes to block any attempt to distribute money. He and his team are due to demand their reinstatement at an EGM on 16 April.
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