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Derailed?

机译：出轨了？

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After laying siege to several big Euro-pean firms, including ABN AMRO, a now-dismembered bank, Chris Hohn has got into trouble with csx, an American railway company. Financially, the investment by the Children's Investment Fund (TCI), Mr Hohn's activist fund, has been impressive: since it bought csx shares in October 2006, they have almost doubled. But the firm has resisted TCI by employing hardball tactics of its own, including taking the fund to court and accusing it of illegally building its position by stealth.rnThe damage to tci from the court's decision is reputational. After ruling that tci should have earlier disclosed its position, Lewis Kaplan, the judge, said parts of the testimony of Mr Hohn, and his colleague, Snehal Amin, were "not credible", "incredible" and even "borderlingl on the absurd". The case also reveals juicy details about how tci operates. It pays big commissions to its prime brokers (a total of $99m since the end of 2005). And Mr Hohn is relentless. After buying the initial stake, tci repeatedly lobbied csx's management and its advisers, proposing a buy-out and board changes, tci slowly built its exposure using derivatives, and, according to Judge Kaplan, told other funds about csx in order "to steer csx shares into the hands of like-minded associates".
机译：克里斯·霍恩（Chris Hohn）围困了几家大型欧洲债务公司，包括现已倒闭的荷兰银行（ABN AMRO）之后，却遇到了美国铁路公司csx的麻烦。在财务上，霍恩先生的激进基金儿童投资基金（TCI）的投资令人印象深刻：自从2006年10月购买csx股票以来，它们的投资几乎翻了一番。但是该公司通过采用自己的强硬策略来抵制TCI，包括将这笔资金告上法庭，并指责其通过隐瞒非法建立自己的头寸。rn法院判决对tci造成的损害是声誉上的。在裁定tci应该早些时候公开其立场后，法官刘易斯·卡普兰（Lewis Kaplan）说，霍恩先生及其同事斯内哈尔·阿敏（Snehal Amin）的部分证词“不可信”，“令人难以置信”，甚至“荒唐可笑”。 。该案还揭示了有关tci如何运作的多汁细节。它向主要经纪人支付巨额佣金（自2005年底以来总计为9,900万美元）。霍恩先生毫不留情。购买了最初的股份后，tci反复游说了csx的管理层和顾问，提出了收购和董事会变更的提议，tci慢慢地使用衍生品建立了风险敞口，并且据卡普兰法官说，为了“操纵csx分享到志同道合的员工手中”。

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    《The economist》 |2008年第8585期|102104|共2页
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