The Man Behind the Investor Group That Fought GE -- and Won

Bill Parry started getting calls from his clients immediately -- and they were furious.

At 4:00 p.m. on Dec. 1, General Electric issued a statement saying it was pulling about $5 billion in preferred stock from the market and exchanging it for shares with new terms. The securities had plummeted, erasing about $500 million in market value and enraging investors.