Shareholder Block Led By Riley Partners Sues Regent
August 13, 2007 at 5:29 AM (PT)
RILEY INVESTMENT PARTNERS MASTER FUND has filed a lawsuit against REGENT COMMUNICATIONS for refusing to call a special meeting of shareholders after a request had been made by the requisite number (20%) of shareholders.
RILEY Principal JOHN AHN wrote, "We believe that it is clear that you have delayed calling a special meeting and providing us complete stocklist materials because you want to impede improperly our right to contact other shareholders to solicit their proxies to elect new directors to the board."
"On JULY 19, 2007," he continued, "we sent a letter to REGENT COMMUNICATIONS requesting that the Company call a special meeting of shareholders to be held on SEPTEMBER 3, 2007 in CINCINNATI, OHIO. While more than 20% of the Company’s shareholders delivered to the Company requests for the special meeting, we were initially told that the 20% requirement had not been met. After sending the Company for a second time documentation that 20% of the shareholders had made the same request for a special meeting, we were told that our request was invalid because the Company did not receive 'original' copies of the request from each and every stockholder making the request. There is no such requirement in the Company’s bylaws or DELAWARE law."
RILEY INVESTMENT MANAGEMENT LLC may file a proxy statement regarding the election of directors of REGENT COMMUNICATIONS, INC., amendment of the Company’s by-laws and other actions to be taken at the Company’s special meeting of stockholders, which has been requested by affiliates of RIM and other non-related stockholders.