On Air Now

Now Playing

The Truth About Love Album Cover Try by P!nk
Our Playlist »


Listen Live Now » 101.9 FM Sioux Falls, SD


Current Conditions(Sioux Falls,SD 57104)

More Weather »
52° Feels Like: 52°
Wind: SSE 14 mph Past 24 hrs - Precip: 0”
Current Radar for Zip


Thunderstorms 69°


Thunderstorms Early 60°


AM Clouds/PM Sun 75°


TPG-Axon says ruling shows SandRidge directors' folly

(Reuters) - Hedge fund TPG-Axon said on Sunday that a Friday court ruling barring the board of SandRidge Energy Inc from resisting its campaign to replace the energy firm's board shows precisely why the change is needed.

During TPG-Axon's efforts to seek shareholder solicitations to replace SandRidge's directors, they "acted in a manner to entrench themselves and prevent a fair process from playing out," the hedge fund said.

Friday's ruling by a Delaware judge, which prevents SandRidge from seeking to revoke those shareholder consents or rely on any revocations it had received, further demonstrates why the directors must replaced, TPG-Axon said, noting that the board has "shown disregard" for stockholders.

TPG-Axon, which owns 7.3 percent of SandRidge, said shareholders that support its slate should submit their consents before March 13.

A spokesman for SandRidge was not immediately available to comment on Sunday outside of regular business hours.

(Reporting By Martinne Geller in New York; editing by Sofina Mirza-Reid)