Amylin founder won't vote for chairman's re-election.
Greene is the 15th-largest holder in Amylin, with 1.6 million shares, according to data compiled by Bloomberg. Greene and director Ginger Graham were slated to be replaced on the company-sponsored slate by Paul Clark and Paulo Costa. They weren't re-nominated because a majority of directors decided Amylin couldn't win the proxy battle if Greene and Graham weren't replaced, Greene wrote. Replacement of a majority of directors on Amylin's 12-member board would trigger a provision in its agreement with bondholders, allowing them to seek repayment of more than $900 million in debt. Under the provision, or "proxy puts," only the current Amylin board can change a majority of directors without triggering debt repayment. Amylin has requested "an amendment or waiver" of the debt agreements to head off triggering the provision. The company is being sued in Delaware Chancery Court by the San Antonio Fire & Police Pension Fund over the proxy puts, a form of takeover defense. Icahn has asked to join the lawsuit.
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|Title Annotation:||TOP STORIES; Amylin Pharmaceuticals Inc.|
|Date:||Apr 13, 2009|
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