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"CSX's board on Friday publicly backed management and rebutted criticisms by a hedge fund that the railroad operator has overspent and failed to improve its stock's performance. "In an <a href="http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-16-2007/0004707238&EDATE=">unusually detailed letter</a> to The Children's Investment Fund, known as TCI, CSX's board said that it had considered - and rejected - all of the fund's suggestions, including changes to its board and cutting back on spending. It also said that it has rejected the fund's more drastic suggestions, including a management-led buyout or a leveraged recapitalization."<a href="http://dealbook.blogs.nytimes.com/2007/11/16/with-csxs-letter-showdown-with-hedge-fund-looms/">http://dealbook.blogs.nytimes.com/2007/11/16/with-csxs-letter-showdown-with-hedge-fund-looms/</a>
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