HF Chatham ramps up activist campaign against Rayonier

Chatham Asset Management, a hedge fund with discretionary AUM close to $7 billion, plans to withhold its vote against two long-serving members of the board of directors of Rayonier Advanced Materials (NYSE: RYAM), given its unhappiness with poor returns, the board’s insulation from stockholder/bondholder engagement, and doubts about its operational competence. 

The annual shareholder meeting is set for May 16.

In an open letter to shareholders, Chatham identified the two long-tenured directors up for election at this meeting as Thomas I. Morgan and Lisa M. Palumbo. It observed that if . . .

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Christopher Faille

Christopher Faille has written on a variety of legal, regulatory, and financial issues for decades. He is the author of "The Decline and Fall of the Supreme Court" (1995), for example, and the coauthor, with David O'Connor, of "Basic Economic Principles" (2000). He was an early reporter with Lipper HedgeWorld and has contributed to Forbes and to the Hedge Fund Law Report.
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