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RHJ Strategy and Pay Warrants Board Overhaul, Hedge Funds Say

Bloomberg – A group of hedge funds criticized RHJ International (RHJI) SA’s acquisition strategy as “erratic” and payments to managers as “egregious” as they repeated their call for a board overhaul and return of capital to investors.

Several of the companies Brussels-based RHJ has bought since its 2005 initial public offering have been sold at a loss or filed for bankruptcy, Equilibria Capital Management Ltd. wrote in a letter to RHJ shareholders today. Equilibria, which said it’s working with four more funds, estimated RHJ Chief Executive Officer Leonhard Fischer has been paid as much as 28 million euros ($36.6 million) since 2007 as the stock slid 73 percent and the company posted losses.

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