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Chicago Daily Herald
Copyright 2000
Tuesday, October 24, 2000
BUSINESS
Citing stock troubles, ex-Wisconsin Central boss seeks new board
Mike Comerford Daily Herald Business Writer
The former chief executive of Wisconsin Central Transportation Corp.,
Edward Burkhardt, said on Monday he plans to solicit shareholder consent to oust
the company's board and replace it in a bid to reverse an earnings slide.
The stock closed up 13 cents, ending at $10.75.
The company, however, is vehemently opposing the effort and said Monday it
plans to file with the Securities and Exchange Commission to block a shareholder
vote.
"We oppose the Burkhart solicitation," said Ann Thoma, spokeswoman for the
railroad. "We'll be filing with the SEC shortly."
Burkhart, who is also one of the company's largest shareholders, is the
former chairman, president and CEO of Rosemont-based Wisconsin Central. He said
in a statement he has formed a committee to propose several measures - including
the possible sale of its North American operations to a strategic buyer.
He said net income slid 17 percent in the year following his resignation in
July 1999 and the stock price has been depressed.
Among the new, proposed board members is Aaron Gellman, professor of
management and strategy at the Kellogg School of Management, Northwestern
University.
"Its a proxy fight basically," Gellman said. "The stock has tremendous
potential ... but ever since (Burkhardt) left, it has gone down. A change of
management, we hope, will result in a change in the stock price."
Daily Herald news services contributed to this report.
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CERTAIN INFORMATION CONCERNING PARTICIPANTS
The Wisconsin Central Shareholders Committee to Maximize Value, the members
of the Committee, the nominees for election as directors proposed by the
Committee and certain other persons may be deemed to be participants in the
solicitation of shareholder consents referred to in this filing. Information
regarding each participant is included in the preliminary consent statement
filed by the Committee with the Securities and Exchange Commission on October
20, 2000. The Committee intends to mail definitive copies of the consent
statement, together with consent cards, to Wisconsin Central shareholders in the
near future. Wisconsin Central shareholders are urged to read the consent
statement carefully when it is available because it contains important
information. The Committee's consent statement is available without charge at
the SEC's Internet web site at www.sec.gov. In addition, the Committee will
provide copies of its consent statement without charge upon request. Requests
for copies should be directed to the Committee's information agent, Innisfree
M&A Incorporated, at its toll-free number: 1-888-750-5834.
