The Third Point, a New York based premiere hedge fund is pleased to announce that Institutional Shareholder Services (ISS), the largest independent proxy research firm issued an analysis for the proxy contest of Massey Energy Company. It had also recommended that shareholders should vote on the Third Point LLC WHITE proxy card for Daniel Loeb, the successful hedge fund manager and also the founder of Third Point LLC.

Daniel S. Loeb is a flourishing hedge fund manager and also the founder of Third Point LLC, a New York based hedge fund engaged in the management of more than $3.5 billion in assets. The New York–based company to its credit has managed to achieve an average annual return of 28.9 percent since 1995. By virtue of zeal and strong acumen in business Mr. Loeb has justified his name in the world of business through the writing of public letters in which he expresses disapproval of the performance and conduct of other financial executives. His advocators claim this process of letter writing as an effective shareholder activism where his detractors complain that his letters are distracting for executives and uncomfortable for investors. Less than 10% of Third Point's $3.8 billion is spent for shareholder activism. Five feet nine inches tall and weighing 158 pounds, Mr. Loeb is a practitioner of Asthanga Yoga and travels to a yoga school in Mysore, India, every 18 months.

He is a graduate of the Columbia University. Prior to the founding of the Third Point Mr. Loeb had joined Citicorp. In addition, he is known to enjoy art collection, yoga and surfing. He earned a 500% profit when he sold a painting by Martin Kippenberger in 2005. At present he is Wall Street’s merchant of venom, pillorying chief executive officers who don’t make him enough money. His weapons are his public letters filed with the U.S. Securities and Exchange Commission, bemoaning the management failures of companies he’s invested in. Mr. Loeb bets on stocks, and occasionally even against them, and then agitates to drive their prices in his favor.

The ISS had stated in its report, "We note that the combination of the financial, strategic and governance issues facing the company may be depressing the company's valuation. MEE trades at a discount to its peers using various valuation metrics. Based on the factors discussed above, on balance we conclude that board change is warranted at MEE." “MEE shareholders want to ensure that the 'Massey ship' rights itself quickly and does not turn a shorter-term episode of underperformance into a long-term trend, especially in light of the currently attractive pricing conditions on the energy market. The recent financial and operational performance of the company and the dissidents' skill sets establishes both the need for change and the dissidents' ability to effect change,” the ISS added.

Speaking on the issue, Daniel Loeb said, “We are pleased that ISS agrees with us that change is needed at Massey Energy and has recommended shareholders vote on the WHITE proxy card. We hope shareholders support Third Point by voting for both Todd Swanson and me on the WHITE proxy card."