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HMA's board sued over proxy fight

Bloomberg, July 24, 2013

Health Management Associates Inc. (HMA)'s directors are improperly trying to strong-arm investors into rejecting a bid to replace the hospital operator's board, a shareholder alleged in a lawsuit. Health Management directors are wrongfully refusing to drop provisions tucked into lender agreements covering the company's $3.5 billion in debt that call for accelerated payment if the board is removed, lawyers for a Florida pension fund said in the Delaware Chancery Court complaint. Glenview Capital Management LLC, which owns 14.6 percent of Health Management's shares, began soliciting proxy votes earlier this year to oust the board over the firm's financial performance.