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Bay Meadows: All bets are off for proxy fight
SAN MATEO - The splat of mud-slinging is fouling the track at Bay Meadows, and all bets are off on the May 17 shareholder's meeting.
Management of Bay Meadows Operating Co., and its adjunct real estate investment trust, California Jockey Club, faces a heated proxy fight. A dissident shareholders group, calling itself the Bay Meadows Stockholders Committee, is attempting to elect six members to the boards of the two companies.
The committee is unhappy about a proposed real estate deal that would turn Bay Meadows' only training track into an apartment complex.
The battle turned nasty with a May 2 management statement and a full-page May 4 advertisement in the Wall Street Journal that accused three members of the dissident committee who are former or current directors of "breach of fiduciary duty," insider trading and lack of management experience.
"This looks …