FrontFour Launches Fierce Counterattack Against Fisher Management
April 14, 2011 at 11:22 AM (PT)
FRONTFOUR CAPITAL GROUP INC., which is trying to put four of its nominees on the FISHER COMMUNICATIONS board so it can sell the radio group, sent out a letter to shareholders -- which it made public -- that slammed FISHER management for a letter it sent to shareholders earlier, PORTLAND BUSINESS JOURNAL reports.
FRONTFOUR called FISHER's defense its financial performance as "disastrous," adding that the radio group's letter was "full of misleading propaganda, half-truths and false claims about FRONTFOUR that are self-serving and intended to entrench the board and senior management."
FRONTFOUR also took FISHER CEO COLLEEN BROWN to task, alleging that she "presided over the destruction of $173 million of the company’s equity value over the past five years ... The board has presided over massive losses of stockholder value and has failed to hold FISHER’s president and CEO accountable for her severe under-performance to date ... The fact remains that no matter how hard they may try, no scare tactics or wild claims about FRONTFOUR looking to hijack the company can hide the obvious truth concerning the failures, poor track record and serious shortcomings under the leadership of ... BROWN."
Read the entire letter here.