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GREENWICH, CT -- Breeden Capital Management, an investment fund manager here, has won the backing of three additional proxy firms in its effort to elect three nominees to the board of H&R Block, parent of troubled subprime lender Option One Mortgage.
Breeden said that the firms of Egan Jones, Proxy Governance and Taft-Hartley Advisory Services recommended that shareholders elect the Breeden nominees at an upcoming H&R Block annual meeting. Earlier, Breeden had said that Institutional Shareholder Services and Glass Lewis & Co. had also recommended the election of the Breeden nominees to H&R Block's 11-member board.
In its analysis, Glass Lewis wrote that in its opinion "the extended underperformance of the company's operations and share price warrants a change to the board of directors." Glass Lewis went on to say that a majority of H&R Block's board members have served on the board for at least five years and the board has failed to conduct a "major overhaul of the management team during that time."
Taft-Hartley wrote that the company's underperformance goes "above and beyond the company's recent difficulties arising from its mortgage ...