Monday, 6 April 2009

Myerson sticks to one last Principle

It just keeps on getting worse for activist investor, Brian Myerson, who I read is now facing an investigation into a £3.2m share purchase.
That follows him being ousted from the board of Principle Capital Investment Trust (PCIT), where he was chief executive, and him losing a highly public court battle to reduce his wife’s £11m divorce settlement (a case he's now taking to the House of Lords).
The challenge looks courageous to those who have studied the 2007 accounts of his fund management business, Principle Capital Holdings, a year when Myerson was the only executive on the board and when the highest paid director trousered £1.06m. Since then, PCH shares have lost more than 90% of their value, which begs one simple question.
Might Myerson demonstrate his devotion to the principle of retrospectively renegotiating pay-outs by handing some of that cash back?

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