US hedge fund says blame for shareholder wipeout is Interserve's – not its rebellion

By Will Ing2019-03-18T13:36:00

Coltrane led opposition to firm’s preferred rescue deal, which was rejected by shareholders leaving Interserve to enter administration

The shareholder who helped send Interserve into administration has defended its actions and said the blame for wiping out the firm’s shareholders lay solely with the contractor’s board.

The New York-based asset manager, which with 27% of Interserve’s stock was the firm’s biggest shareholder, led a rebellion which saw a deal agreed between the Interserve board and lenders struck down by a margin of 60 to 40 – leaving the firm to be taken over by banks including HSBC, BNP Paribas and RBS.

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