Fisher's Biggest Shareholder To Back Dissident Board Candidates
Changing Board Makeup Could Lead To Sale Of Company
May 3, 2011 at 3:59 PM (PT)
Investor MARIO GABELLI, the largest shareholder of FISHER COMMUNICATIONS announced in an SEC filing that he will back three of the four dissident candidates nominated by FRONTFOUR CAPITAL for the company's board in next week's election, the SEATTLE TIMES reports. His support could lead to the election of a new board interested in selling off company assets, which "could spell the end of a 100-year-old SEATTLE public company."
GABELLI, who owns 28.5% of FISHER shares, will possess enormous clout in the cumulative voting system, which gives a stockholder four votes for every share of FISHER stock. A board comprised by a majority of dissident nominees would likely follow the lead of Board member and current FRONTFOUR founder DAVID LORBER, who has said he favors "a robust and impartial auction process" to sell FISHER's assets to the highest bidder.