Virgin investor retreats in a Huff
http://observer.guardian.co.uk/busin...104559,00.html
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James Robinson
Sunday June 17, 2007
The Observer
Bill Huff, the powerful hedge fund manager who is a major hareholder in Virgin Media, has sold a large chunk of his stake in the cable company for around $1.6m (£800,000).
Huff reduced his stake in Virgin Media, which is quoted in New York, from 5.7 per cent to 4.9 per cent, according to documents filed with the SEC, the US's stock market regulator, last week.
Huff's influence at the company, formed by the merger of NTL and Telewest and the subsequent acquisition of Virgin Mobile, prompted a bitter shareholder row earlier this year after other investors complained he had too much power.
One of his key allies, William Connors, a former employee at Huff's company WR Huff Asset Management, stepped down from the board after complaints he had disproportionate representation.
Huff also has a seat on the board, as does another former employee, Edwin Bank. Huff was briefly interim chairman of the group and appointed current chairman Jim Mooney, whose decision to remain in his native America has been criticised by some shareholders, who believe he should be based in the UK.
Huff's decision to reduce his stake could prompt investors who are concerned about the group's performance and strategy to demand he further reduces representation on the board...."