Paul Allen has lost control of the company in which he invested huge chunks of the fortune he made as a founding member of Microsoft (Nasdaq: MSFT). Charter Communications (Nasdaq: CHTR) has converted Allen's potent Class B stock into innocuous Class A shares and as a result, the company's former chairman no longer has a 35 percent voting interest.
Allen also lost the right to appoint four members to the board of the directors, so two Allen-appointed directors, William McGrath and Christopher Temple, resigned and were replaced by Edgar Lee and Stan Parker. At the same time, the board named John Markley to take Temple's place on the audit committee.
- see this news release
Charter may further minimize Paul Allen's influence through stock conversion
Charter comes out of Chapter 11