On Feb. 4, New York private investment firm Fir Tree Partners issued an open letter to Halcon Resources (stock ticker: HK, $HK) demanding a management change and the installation of two directors to lead the immediate pursuit to sell the company for cash or stock.

“Given management’s unwillingness or inability to take the necessary actions to increase shareholder value, Fir Tree is considering running a proxy contest to replace the entire Board at the next annual meeting unless immediate action is taken to: (1) appoint two new independent directors to lead a strategic process to sell the company for cash and/or stock and (2) significantly reduce G&A,” the letter said.

“Fir Tree is not seeking representation on the Halcón Board, ra...

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