Okay. First, thanks for having me. Yess the last five years one of the largest shareholders of williams. Most of the last two years was on the board and resigned in late june along with five other quality directors. Six resigned in total. A different view of the management, specifically the ceo and ability of the six directors who stayed to assist and hold that ceo accountable. In some id say very much a 1970s board where theres six directors whose qualifications i question. Gotten on beal loyal and supportive of the ceo, whose record failed to meet expectations. We went through a long engagement around strategic initiatives, on and off again deal with Energy Transfer. That deal did not happen. Then the board had to figure who was the right leader . The right question for a board to ask. There were six very accomplished directors including the only sitting ceo, the chair of the head of the safety committee, the head of the Strategic Review committee and two largest shareholders who felt change was necessary. Everybody resigned . Six other directors who didnt. In that group you mentioned . Correct. The six who felt like change was necessary felt strongly enough about it, and they questioned the ability to continue to be quiet and endorse, i think, a plan they could not support. Elected to resign. I was one of those six. You mentioned the Energy Transfer deal that fell through and theres been a legal battle over that. Williams is still pursuing the possibility of completing that deal in court, but separate from that, you lack confidence and sounds others did, too, in ceo alan armstrong, why . Looking back, how do we judge or ceo . Separate from the Energy Transaction put on a whiteboard pluses and minuses of the last five years for williams. Missed expectations financially five years. Had growth projects. The bluegrass pipeline, the constitution pipeline, pdh facilities, expansions that didnt work. Failed m a. Bad safety history. When you intellectually line up the facts the company needed change. Its never easy to change ceos, but the six people who resigned felt so strongly that the mandate for change was necessary that they couldnt continue to stay on a board where the other six had such different perspectives that at least in my words i would view as sort of Blind Loyalty to the status quo. But thats yess business. I want to focus on todays business. Speaking of that, energize product float add deal with williams and the report suggested williams board had not entertained that seriesly and nothing happened. Your reaction to that . So im no long are on the board. If that happened it happened after i left the board. Ive heard the same reports, spoken to reporters. The sense i got, key thing in the industry, great assets, strong Balance Sheet made a proposal to acquire williams at a reasonable Company Premium and the incoumbent board took a say no approach. I dont know if they showed advisers, rejected the offer and chose not to engage. I wouldnt prejudge that offer. I dont know if it makes sense. Having a lower cost of capital would be very, very sound a transaction on the right terms should create tremendous value. On the board, i wouldnt prejudge doing a deal but definitely engage with enterprise. A transaction and path creating more value than the existing plan, owing it to shareholders her represent to do the right thing. When i left the board hoped to go quietly into the sunset, tried to make suggestions we talk about, but the enterprise is concerning, many suspicions i had as well as other directors who resigned are proving to be true. What are you going to do now . When i left the board the last thing i wanted to be doing was sitting here today. I didnt want to have to engage in a proxy contest tried privately and quietly to give suggestions. My goal to leave in a better stead than i found it. Have a majority highquality directors. Motherhood and apple pie. A majority of people qualified to be the board of a 50 million enterprise. Patretroleum 66, and those lead peoples of large, government organizations, philanthropic agencies, can avist a Management Team and hold them accountable. Williams company in your view does not now have that jrnlgs my opinion does not meet those qualifications and proven it by actions since we left the board. I suggested, find seven allstars. Find seven superstars and seven being the key number because i wanted to make sure is was a majority plus one. You couldnt have a votie block of six, blindly loyal to the ceo. A true board to assist management executing on a sound plan and hold them accountable. My goal. I sat privately. Sent letters,meetings and asked the company if they would commit to do that. They refused to commit ka. On the last day i could, sent a private letter to put a notice in the proxy statement for a nonbinding advisory vote on a commitment by a year and day after the next annual meeting. Not tomorrow, this years meeting but another year. Which is november 23rd. I was talking may of 2017 sorry. May have 2018. Right. To have a board that was a majority independent new members, who they got to pick, who were best in class. When you see an a director you know it. No one on this boards slate, in my opinion, would be a topround draft pick for a similar board. So they told me they would think about it. I pushed them last week. A call wednesday. Said i put this proposal to shareholders. Please, make it your own. Dont make me do this. Do it, commit to it, no problems with me. This, put together your own slate . No. No discussions. I had no idea about enterprise and no idea it was going on. Wednesday a conversation. A Board Meeting thursday. Can you please give me an answer friday . On thursday i heard enterprise made a bid. Friday came back, we cant dmoit have a majority of independent directors. Dont want to prejudge what the right board is. Add three and the board will determine. The problem with adding just three, add grethree directors, l me. I want to enturg you to join and help you be educated, but just having three great directors is not going to help. We had six great directors. Resigned frustrated by the six others or seven if you include allen. So i gave them a choice, easy way out and concerned when they wouldnt accept that. That concern was expanded when i found ot they just said no to enterprise who made and offer to acquire the company. That said, i made a decision had to scramble, make a decision with a nomination deadline of thursday. The news, per se, today is that, this should not be about corevex. We want to be free to buy and sell stock. No different than any other shareholder, right . We want transparency on the situation and think we owe it to other shareholders to leave in in a good place. We will nominate a slate of ten directors. Right . The people are identified. All corevex employees. Intended to be a place holder. These ten will never actually serve more than a day. Intent to be on the board and serve on the board but their goal would be a place holder allowing us over the next two months to find the right, best directors to ask shareholders, others in the industry, to flow to us the names of three, five, seven great directors so over the next two moss we can find the right people and present them to shareholder, when you vote for our slate youre voting for effectively the right to elect those people. Know who they are in advance. Our slate will get elected, appoint the new slate and then resign. So a seamless process and what weve done, said, williams board, were going to hold you accountable. Were going to take control and not allow you to have the nomination date pass and put up whoever you want. See if i get this right. You are prepared to launch a proxy fight with all the time and money that entails with a new slate of directors that work for you at corevex. You understand that, thats not an ideal board in any case. Those people will agree once elected, if they are, to step down right away and be replaced by a new board of ten independent people you will seek in the interim between this week and november 23rd . Yes. And when you vote for my slate, you will know youre not voting for the ten corevex employees but the people identified, who will commit to serve, and its effectively a seamless process whereby were preserving the nomination maintaining flexibility and ultimately allowed to present shareholders with a choice they critically need. It may not be ten. Max moimum flexibility. What if williams puts three great people on the board, i hope they do. Take those three and ask the exdirectors we thought were great. Say you five be the board. This is not about core it vex. Weve been in business five years with one proxy contest. Right. Helped replaces the board of commonwealth with sam zell who built the worlds greatest board for a real estate company. Doubled. About shareholders taking about commonwealth. Doing the exact same thing with williams. Were asking shareholders, help us find the sam zell of the Energy Pipeline industry. If williams isnt going to do it, if williams are going to keep these fifth round or tenth round or not even draftable athletes on their board slate, let us find the right athletes. Put them out and its not a referendum on allen but on the board. Ultimately, this new board should determine from their experiences who is the ceo of the company. Okay. Let me pause you a second and get to other things in your portfolio. So viewers know, we reached out to mr. Armstrong and the company, if they wanted to come on on the current dynamic between mr. Meister and the company and declined so far. One final question. This is a pretty offbeat suggestion. How do you convince shareholders to vote in favor of this . I think whats happened at williams over the last several years is pretty offbeat. If they spend a few minutes with us and hear our perspective and i rk any member of the williams board to join me on your show or any other show or network and talk about it. Have transparency, explain why their six incumbent directors who dont serve op one of their Company Boards over a billion dollars, dont have other jobs at leading companies or large notforprofit, why are they the right people to hold this Management Team accountable and assist them why its right to just say no to enterprise, right not to listen to advisers. Based on that you think you can win an argument on the merits . 100 . Pandora media. Active with them as well. Increase between the first and second quarter, according to filings. You asked them earlier thyear t get advice, consider alternatives possibly a sale of themselves, other possibilities as well. Their ceo on the air saying he wanted to give himself to the end of the year to try to turn the company around. Your response . I commend the econoboard. I think while i may not agree with everything their board is doing or not doing, i would say they have a board thats qualified to help oversee the company and we look forward to working constructively with that board and the fundamental question is, you know, do you believe they will execute on their plan . And if they do, do they create sustained competitive advantage . Were skeptical. We think the answer is sell the company to one of a number of buyers will tay a meaningful premium to the share price. But willing to spend the time and convince us why were wrong, were willing to listen. Have the same interests. I promise were have active engagement we them. We have strong views, they have strong views. Spend time together and figure out the right answer. Liberty media reportedly expressed interest. Do you like the thought of that deal . I think Liberty Media is a Great Company and have been great akwaiers of assets and i believe that they would be a Great Potential acquirer for pandora. Highly supportive . If its the highest and best trpgz pandora can do, yes. Pivot to a political question. Youre a onetime mentor of carl icahn, supportive of donald trump. One of the relative few financiers to do so. Looking through Campaign Filings this past month. Doesnt appear icahn has spent much towards the trump campaign, with the caveat some filings are still rolling in and contributions are indirect. What do you make of carls support for trump and why or when he hasnt given more . No opinion. Carl is speak for himself. Did a great job makes his case. Ill leave that question to carl directly. Do you have a dog in this president ial race . I dont. You dont. Okay. Keith, thank you for joining us. A pleasure talking to you and bet of luck. Thank you very much. Back to you, melissa. Thanks. And our thanks to keith miser of corevax. A couple stocks on the move based on that interview. The biggest move, pandora shares ticking higher. Pete, active in this name. He says sell . Doesnt sound like hes very patient. If im reading between the lines what we heard in the interview. Very involved. They want to see if theres a reason to stay a a Standalone Company or if theyre better off going a different direction, and all of that leads me to think that, all of the paper weve seen recently we saw late july, buying the december calls. 25,000 of those. Then out to january. A little while later, buying 31,000. Looking for upside calls looking and expecting something to happen for pandora . What kind of strikes . Not really high. When first bought stock at 11, thens 13ds. Were a little above 13. Seeing moving already. And hired Center View Partners to sell themselves. Speculation they shopped themselves to apple, to potentially amazon and then the liberty offer around 15, supposedly was rebuked. The takeover price talked about 16, 17. A lift from below 10 on the takeover speculation. The question, can you get there . The most likely acquirer would be sirius xm and comments of the ceo end of july speaking strongly about the streaming and the advantages that pandora brings forth seems to be where the marriage is. For me, talked all along about staying in the name on the m a possibility. I think the m a will possible. On the possibility with options. Sit there with stock, what if all of the sudden decide we can make it a go it alone. Take time. The down side is buffer. I disagree. Im actually with pete. 15, stocks 13 and change and we know this company is a propensity for missing analysts expectations, why play for that last buck and a quarter . Now, if you think a bidding war emerges, once somebody shows their hand and make as bid, thats a different conversation. Im not a fan. I wouldnt be a player here long. Great service. A pandora sub. I just dont think you actually pay for it . I do. A true payer. Im a payer, but i also think the nonpaying product is good, because its great local advertising, and we saw whats going on with yelp lately. People are willing to pay premiums for ad businesses reaching a local market. Pandora is good at that. A 3 billion online cap. What do you think . 4 billion . 5 billion . I dont. And shares trading 13. 70 or so. Quick touch on williams, news here on cnbc, that he is going to, Keith Meister of corevex will announce ten directors to nominate a slate of ten directors to the board of williams and company. They have an annual Shareholder Meeting in november. Anybody have a dog in the at least the speculation that you see on the options side of things have died down from where it was, melissa. I was in this name based upon that huge buying. Kinder morgan, amj, allier in that energy space. This space, we have not. Williams company up 35 in five weeks and probably has something to do with the potential for this activism and oil pap huge move recently. Its tough to tease out a difference between is this stock moving on energy price recovery or is this stock moving on the potential for a better board . Im sure both sides can make the case that its moving for one reason or the other. Sure. Last week, a rise in wti. Too much about oil and sensitivity to pricing in oil is one of the reasons i wouldnt be interested in williams. We must talk about what mr. Meister has done with yum brands. I was skeptical for yums ability to recover so quickly. Clearly they have. Approaching back toward 90. 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