Magna Carta News
Wednesday, March 16, 2005
Damon Gardenhire
Press Secretary
Speaker of the House Todd Hiett
Oklahoma House of Representatives
Capitol: (405) 962.7679
gardenhire@okhouse.gov
Speaker Todd Hiett Calls for Kerr-McGee Support
OKLAHOMA CITY (March 16, 2005) - House Speaker Todd Hiett today
expressed his firm support for Kerr-McGee Corporation, and called on
Oklahoma's pension plans to act in the best interests of the state.
The Speaker sent a letter to investment managers of Oklahoma's various
pension plans today, asking them to examine holdings. If pension plans
hold Kerr-McGee shares, the Speaker asked that they "act in the best
long-term interests of Oklahoma. The dismemberment of Kerr-McGee would
adversely affect all Oklahomans."
"Kerr-McGee has a long and storied history in our state, and it is one
of our most important corporate citizens," said Hiett (R-Kellyville).
"The importance of this landmark company to Oklahoma's heritage and to
our future cannot be overstated."
Speaker Hiett also announced his intention to introduce a resolution on
the House floor next week, repeating the call of support he made in his
letter today.
Oklahoma's pension plans include the Teachers Retirement System, the
Oklahoma Public Employee Retirement System (OPERS) and the Oklahoma Law
Enforcement Retirement System (OLERS).
In recent months, billionaire Wall Street investor Carl Icahn has made
moves to prompt a proxy battle over Kerr-McGee, after having bought a
7.65 percent stake in Kerr-McGee in December with a group of other
investors. Icahn has since demanded a seat on Kerr-McGee's board and has
called on the company to sell future oil production to raise cash.
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