What: Massey Energy (NYSE: MEE) shares surged as high as 12% late Friday after the company announced it revised board election counts.

So what: President Baxter Phillips and two other directors were much closer to losing reelection bids than initially thought. Activist investors are trying to oust the three board members.

Now what: It looks like there will be a very close election if the three board members and CEO Don Blankenship run for reelection to the board next spring. Activist investors need to have fewer than 50% of votes cast for the directors to force each to submit their resignations, not that Massey has to accept them. Today's bounce is just a speculative move, and we have a long way to go before a management change, so I'll wait for the emotion to die down before diving in.

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