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MG Capital Seeks to Oust Philip Falcone From HC2’s Board

Philip Falcone
Philip FalconePhotographer: Christopher Goodney/Bloomberg
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Philip Falcone is in the crosshairs of an activist investor who wants to remove him -- along with the rest of the board -- from HC2 Holdings Inc.

MG Capital, run by former Third Point executive Michael Gorzynski, wrote in a letter to shareholders Tuesday that it thinks HC2 has traded at a discount of more than 80% to the value of its underlying assets because of a series of management missteps. Gorzynski pins the underperformance on Falcone, HC2’s chairman, chief executive officer and president.