TPG-Axon sends second letter to SandRidge Energy board TPG-Axon, beneficial owners of 6.5% of the outstanding shares of SandRidge Energy, sent a second letter today to SandRidge's board. In the letter, TPG-Axon reiterated its desire to run a process to restructure or sell the company and provides greater detail on the market's loss of confidence in management based on their poor strategy and structural challenges including staggering overhead costs. TPG-Axon also notified SandRidge of its intent to conduct a consent solicitation of shareholders to amend the bylaws of SandRidge to de-stagger the board, provide that directors be removed with or without cause, and remove and replace the current board. TPG-Axon has retained Mackenzie Partners to act on its behalf in the solicitation process.
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