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Elliott Management and Iron Mountain Reach Settlement
Paul, Weiss advised hedge fund client Elliott Management in a settlement announced today with Iron Mountain Incorporated, an information management company. Elliott has agreed to withdraw its slate of nominees to the Board of Iron Mountain, and Iron Mountain has agreed to support one of Elliott's nominees at the 2011 Annual Meeting of Stockholders and to add another independent director following the meeting. In addition, Iron Mountain has announced a comprehensive strategic plan which includes, among other measures, the formation of a special committee to evaluate financing, capital and tax strategies, including conversion to a REIT.
The Paul, Weiss team advising Elliott Management included corporate partners Robert B. Schumer and Steven J. Williams; tax partner Jeffrey B. Samuels and counsel Alyssa F. Wolpin.