E-commerce hires Morgan Stanley to strategic review

NEW YORK (AP)--Days after its largest e-commerce Financial Corp. required shareholder as shareholders to examine proposals which the hiring of new financial advisors to explore options such as the sale of the company, the brokerage online said Friday that he brings in Morgan Stanley & Co. to review its strategic options.In a letter Wednesday to e-commerce that have been disclosed in a regulatory filing, hedge fund Citadel LLC said that poor management by the Board and management has caused to lose money every year since 2006, extinction of value for shareholders and wasting opportunities for growth of the company. Citadel demanded that the company hold a shareholder special session to consider the proposals to remove directors michael parks and Donna Weaver, change how it elected directors and explore various strategic options, including the sale of the company.E-commerce, said Friday he has created a Special Committee composed of independent directors which has the company hires Morgan Stanley & Co. to conduct a review of strategic alternatives. Morgan Stanley will share its findings with the Board finance and risk Committee, whose members include the founder of the Citadel and CEO kenneth griffinand this Committee will give electronic commerce Council of a recommendation, the company said.E-commerce, pointed out that the company hired J.P. Morgan securities LLC to revisit its strategic choices in the fourth quarter of last year. After this revision, the Commission decided that the sales company and then not increase shareholder value, said e-commerce.In a statement, e-commerce said that he feels he "has already addressed the substance of the proposals of the Citadel", and that it is not in the best interest of its shareholders to hold a special meeting. The company also said proposal called Citadel to consider withdrawing two directors "inappropriate" and said that it violates the law in Delaware, where electronic commerce was established.The Citadel, who saved the online brokerage four years earlier with an investment of $ 2.5 billion, currently holds approximately 9.8% of the shares of e-commerce - about half of the sum, it is early in the year. In April, he sold 27.5 million shares and converted to separate investment in 31.4 million new shares.E-commerce shares rose 67 cents, or 4.3%, to $16.31 in extended Exchange. The stock finished regular trading up to $20 cents at 15.64.