Fisher Rips FrontFour Again In Latest Shareholder Letter
May 6, 2011 at 6:30 AM (PT)
It's FISHER COMMUNICATIONS' management's turn in the back-and-forth war of words with dissident shareholder FRONTFOUR CAPITAL, issuing an open letter to shareholders insisting that FRONTFOUR and DAVID LORBER are making "wholly unsupported accusations against the Company and his fellow directors" in FRONTFOUR's bid to get its own slate of directors elected to FISHER's board.
The letter asserts that FRONTFOUR was not being truthful in saying that it "never said that a sale of the Company is the best way to maximize stockholder value," or that FISHER's board is "about to embark on an acquisition spree." It also repeats INSTITUTIONAL SHAREHOLDER SERVICES and GLASS-LEWIS' analysis of LORBER's vote against declassification of the board and said that FRONTFOUR, contrary to its assertions, is indeed seeking to get control of FISHER's board, noting that election of the four nominees plus LORBER would give FRONTFOUR five of nine votes.
In addition, the letter claims that FRONTFOUR's operating plan for the company is "redundant with FISHER's existing strategy. As Mr. LORBER should know from attending past FISHER board meetings, the Company has already implemented shared services and automated its news production." It calls FRONTFOUR's plan to sell and/or "optimize" FISHER PLAZA "half-baked."