Will the last shareholder leaving Dynegy please turn out the lights?
In what may be one of the more bizarre examples of a corporation’s failure to convince its owners to follow management’s recommendations, on Feb. 18 Dynegy shareholders rejected an all-cash offer from renowned activist Carl Icahn to buy the energy company for $665 million. Three days later, Dynegy’s CEO, CFO, and all five of its independent directors resigned, leaving shareholders to decide the fate of the company themselves.
