Paulson asks to move up meeting aimed at ousting Algoma's board

Dec 05, 2005 | 08:52 AM | Maria Guzzo

Algoma Steel Inc.'s largest shareholder is seeking to move up the date for a special meeting where it will seek to replace a majority of the Sault Ste. Marie, Ontario,-based company's directors.

Paulson & Co. Inc. filed documents in the Ontario Superior Court of Justice asking to move the March 22, 2006, date forward.

"Preventing shareholders from voting until March 22, 2006, is an egregious abuse of current directors' powers, and the court should set an earlier meeting date," Michael Waldorf, Paulson's vice president, said. "If shareholders supported the current directors, the board would have called a meeting now, won the vote and moved on."....

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