The US shareholder that helped send Interserve into administration has defended its actions and said the blame for wiping out the firm's shareholders lay solely with the contractor's board. Coltrane, the New York-based asset manager, which was the firm's biggest shareholder with 27% of its stock, led a rebellion which saw a deal agreed between the Interserve board and lenders struck down by a margin of 60 to 40 - leaving the firm to be taken over by banks including HSBC, BNP Paribas and RBS.
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