Proxy Solicitors for Hedge Funds — And Their Corporate Targets — Get PPP Loans

Activism is down, so top advisors are asking for handouts.

(Michael Nagle/Bloomberg)

(Michael Nagle/Bloomberg)

Four of this year’s top proxy solicitors have taken millions of dollars from the government’s loan program for small businesses, known as the Paycheck Protection Program.

To be sure, activism was tempered during the first half of the year’s market turmoil. Between January and the end of June, 522 companies worldwide were publicly subjected to activist demands, a 17 percent decline from the same period in 2019 and the lowest number since 2015, according to a six-month review by Activist Insight.


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