Crown Castle co-founder says board ‘acted unlawfully’ with Elliott pact

Ted Miller, co-founder of Crown Castle and his investment vehicle Boots Capital Management issued the following statement: “Today’s rewrite of Crown Castle’s cooperation agreement with Elliott Management is a clear admission that the Board of Directors’ process was tainted and that it acted unlawfully. Just two days ago, the Crown Castle Board declared our litigation to be without merit. By now recutting the fundamentally flawed cooperation agreement and conceding the opposite, these faithless fiduciaries have shredded any remaining credibility. Nor does the amended agreement solve anything. It is a half-measure that still does not require Elliott to maintain an equity position in the Company and does nothing to address the tainted process undertaken to nominate and elect directors. Shareholders have been abused by the Board’s actions, which continue to waste shareholder resources amid a disastrous era that has seen tens of billions of shareholder value destroyed. Shareholders should demand the Board immediately work with Boots Capital to reconstitute itself with our nominees who have the unrivaled 50+ years of industry expertise and an actionable forward-looking plan that will restore Crown Castle’s value. It is time for change with new independent directors and a fresh start.”