BlackRock Virginia Municipal Bond Trust settles proxy dispute with Karpus and Bulldog/Brooklyn funds
On June 15, 2011, BlackRock Virginia Municipal Bond Trust and other BlackRock closed-end funds reached an agreement with Karpus Management and the Bulldog/Brooklyn Funds, which withdrew their director nominations and shareholder proposals for the 2011 annual meetings. The agreement includes a standstill on shareholder activism through 2014, a possible board seat tied to preferred share redemptions for the 2012 meeting, and reimbursement of up to $150,000 in fees and expenses for the Funds' 2011 proxy dispute and the Delaware litigation.
Key points
- Karpus and the Bulldog/Brooklyn Funds withdrew their 2011 director nominations and shareholder proposals and agreed to vote in favor of board nominees at the 2011 and 2012 annual meetings.
- Standstill restrictions run until the day after the Funds' 2014 annual meeting of shareholders.
- If all auction rate preferred shares are not redeemed two weeks before the 2012 proxy mailing, Karpus or the Bulldog/Brooklyn Funds may designate one director nominee.
- The Funds and other BlackRock funds will reimburse up to $150,000 in aggregate fees and expenses, and the Delaware Chancery Court litigation is to be dismissed without prejudice.
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 16, 2011.
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