Hedges Just Picked a Fight With United Airlines

(Fortune) The hedge funds Altimeter Capital Management and PAR Capital Management, which together own 7.1% of the United Airlines operator, went public on Tuesday with a sharply worded letter seeking to replace as much as half of the company’s board of directors. Blaming an “underqualified” and “entrenched” board for “many years of substantial and inexcusable company underperformance” compared to rival airlines, the hedge funds nominated six new candidates for the board including Gordon Bethune, the former CEO of Continental Airlines, to serve as chairman…..

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