TPG-Axon Wants To Oust SandRidge’s Board, Files Lawsuit

SandRidge Energy Inc. (NYSE:SD) saw one of it major investors, the hedge fund TPG-Axon Capital Management, put forward a proposal today that would see the company’s entire board replaced. Today’s plan to oust the current board was filed with the SEC. The filing was made in connection with a lawsuit filed by the hedge fund against the company. The lawsuit challenges a decision by the company’s board to shorten the amount of time allowed to shareholders to vote on company bylaws, and the replacement board championed by TPG-Axon Capital Management. TPG-Axon Capital Management is a New York based hedge fund….