May 8 (Reuters) - Arconic Inc
* Elliott management releases new letter to arconic shareholders
* Elliott management says more recently, during pendency of proxy contest, board imposed upon company a potential $500 million funding obligation
* Elliott management - funding obligation agreement was not disclosed at time of creation, modification, when elliott filed 13-d or at start of proxy contest
* Eliott management - while we believe larry lawson should be "leading candidate" to be arconic ceo, we have never "demanded his selection"
* Eliott management says "never insisted that elliott be given any sort of veto right" over arconic's choice of chief executive Source text for Eikon: Further company coverage: