Dissident Shareholder FrontFour Nominating 4 For Fisher Communications Board
January 27, 2011 at 5:59 PM (PT)
FISHER COMMUNICATIONS has been notified that a major shareholder is planning to nominate four individuals to FISHER's board. Hedge fund FRONTFOUR CAPITAL is nominating CB RICHARD ELLIS, IMC. NEW YORK TRI-STATE Region Chairman JOHN F. POWERS, QUALITY DISTRIBUTION INC. EVP/CFO JOSEPH J. TROY, FOURTH STREET HOLDINGS, LLC Portfolio Manager MATTHEW GOLDFARB, and FROUNTFOUR's own STEPHEN LOUKAS to FISHER's board, and sent a letter to FISHER's board complaining about the "continued underperformance" of the company and asserting that "a significant change to the composition of the Board is required now to maximize shareholder value."
FISHER's response read, "FISHER COMMUNICATIONS has received a letter from FRONTFOUR CAPITAL, a hedge fund whose managing member, DAVID A. LORBER, currently serves on FISHER's Board, expressing its intention to nominate four individuals to FISHER's Board of Directors at the 2011 annual meeting of shareholders. While FISHER strongly disagrees with the assertions contained in the FrontFour letter, FISHER values input from all its shareholders, and the Board will evaluate the nominees and make a recommendation in the best interests of FISHER's shareholders. FISHER's Board and management team remain committed to enhancing shareholder value."