There’s at least one additional clue to what tipped the scales in the Quarto shareholder vote that removed Laurence Orbach from the board Wednesday: Harwood Capital, representing the leading dissident shareholders, indicated in a November 6 regulatory filing that they acquired over 2 million options on Quarto’s stock, expiring next month, that conveyed voting rights on an additional 10 percent of shares–giving their group 29 percent of the votes. Additionally, former partner Robert Morley–thought to be voting with Orbach and the board–switched positions and built up his own stake, helping to give the dissidents almost 55 percent of shareholder votes. New […]
