It's judgement day at CA

Will Wyly win, or will Wang hold on??

Will Wyly win, or will Wang hold on??

Later today, Charles Wang, erstwhile chairman of Computer Associates, will find out if Sam Wyly's concerted efforts to oust him from the company have been successful. The Texan millionaire's bid to effect a boardroom coup has been running all summer, with a decision expected from the all-important shareholders later today at the company's annual meeting in Long Island, New York. Wyly no longer wants to become chairman himself, although is determined to get rid of Wang in a move he claims would be in the best interests of shareholders. The whole episode has read like a script from a soap opera. A week ago, investor consultancy Institutional Shareholder Services (ISS) became the second agency in a week to back Texan billionaire Sam Wyly's bid for the firm - having originally backed Wang. Wyly showed considerable political cunning by taking his own name out of the running for the chairman's position, but saying that he would support current CEO Sanjay Kumar in the role, presumably in the hope Kumar would come over to his way of thinking. Kumar himself has kept tight-lipped on the issue.