CSX Issues Statement Regarding TCI Group Letter (PR Newswire)

JACKSONVILLE, Fla., July 22 /PRNewswire-FirstCall/ -- CSX Corporation (NYSE: CSX - News ) today issued the following statement in response to a letter sent by the TCI Group to the CSX Board of Directors: The Company believes that three points are worth making. First, vote counts in contested elections always take time. The time period for this review is not unusual. The value of the process has been proved in the fact that the process has already identified errors in the preliminary report, which have been confirmed by the independent inspector of election. The review continues in good faith. Second, the uncertainty in the vote count is significant enough to matter to the ultimate composition of the Board. Third, the letter misstates the record in the litigation. The U.S. District Court did not flatly refuse to sterilize the... [read full story]