Bulldog Investors, LLC ("Bulldog") today announced that the special meeting of stockholders of Alliance California Municipal Income Fund, Inc. AKP (the "Fund") which was initially convened on October 11, 2018 and adjourned until November 14, 2018, was further adjourned over Bulldog's objection until December 11, 2018. On each of the previous occasions, a quorum was present and the proposal to enter into a new investment advisory agreement with AllianceBernstein L.P. was not approved.
Phillip Goldstein, a managing member of Bulldog, commented: "Unfortunately, management seems not to understand that it has a fiduciary duty to abide by the outcome of a stockholder vote even if it does not like it."
About Bulldog Investors
Bulldog Investors is an SEC-registered investment adviser that manages the Bulldog Investors group of private funds, Special Opportunities Fund, Inc. SPE, a registered closed-end investment company, and separately managed accounts. Bulldog holds approximately 12.4% of the outstanding common stock of the Fund.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181116005072/en/
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
