A corporate governance advocate is attempting to mobilize institutional shareholders of troubled
Herbert Denton, president of Providence Capital, has called a shareholder meeting for April 13 in New York City to discuss Siebel's business strategy, the composition of its board, allocation of its more than $2 billion in liquid assets, and share dilution. Pushing the company to buy back more shares is also a likely topic.
The call for the meeting comes the day after Siebel
warned that it will miss its first-quarter financial targets by a wide margin.
A spokesman for Siebel said the company would not comment on the proposed meeting.
Denton has been involved in a number of actions against troubled companies, including
Providence Capital specializes in shareholder matters; an affiliate,Providence Recovery Partners, L.P., holds shares in Siebel Systems.
Denton could not be reached for comment.