Elliott’s Crown Castle Pact Spurs Co-Founder’s Lawsuit (2)

Crown Castle Inc. co-founder Ted Miller ratcheted up a proxy fight with the cellular tower company’s board, suing directors over a cooperation agreement they struck with Paul Singer’s Elliott Investment Management.

Miller, who helped launch Crown Castle in 1994, says the board is improperly beholden to activist investor Elliott, one of the company’s largest shareholders. Elliott signed a cooperation agreement with Crown Castle in December and got two board seats.

Paul Singer

Photographer: Misha Friedman/Bloomberg

The agreement amounts to an “unreasonable and disproportionate defensive measure,” Miller argues in the suit, filed Tuesday in Delaware Chancery Court. He is asking the court ...