On July 18th, the Second Circuit again addressed the attempted hostile takeover of CSX Corporation. CSX alleged that two hedge funds failed to disclose their ownership in CSX, as required by the Williams Act, and sought to enjoin the hedge funds from voting their CSX shares at the CSX annual meeting and from future violations of the Williams Act. The Second Circuit again affirmed the trial court's denial of an injunction against the voting of the shares because the required disclosure, although untimely, was made prior to the annual meeting. However, it vacated the injunction prohibiting future violations because the trial court failed to make explicit findings on whether a group formed for the purpose of acquiring CSX securities. Because the panel was divided, the Court skirted the issue of whether and when the long party to a credit-default swap may be deemed, for the disclosure purposes of the Williams Act, the beneficial owner of shares purchased by the short party as a hedge. CSX Corp. v. The Children's Investment Fund Management (UK) LLP.