News & Resources

Raging Capital Reaches Agreement with TICC Capital Relating to New Investment Advisory Agreement

October 30, 2015

On October 27, 2015, Olshan client Raging Capital entered into an agreement with TICC Capital Corp. under which TICC agreed to appoint an additional independent director, recommended by Raging Capital, to the TICC Board if TICC’s proposal to approve a new investment advisory agreement with Benefit Street Partners (BSP) and the election of new directors are approved at its upcoming Special Meeting of Shareholders.  BSP also agreed to reduce the total fees paid by TICC by waiving 0.25% of its 1.50% annual management fee for a period of twenty-four months and recommended implementing a $50 million to $100 million tender offer or repurchase program for TICC shares, with the tender offer to be funded by BSP.  The Olshan team representing Raging Capital included Steve Wolosky and Ron S. Berenblat.