Investor Wants To Remove Libsyn Board, Install Its Own Slate Of Directors

Shareholder Challenge

A private equity firm that holds 6.3% of the shares in podcast hosting firm LIBSYN (LIBERATED SYNDICATION, INC.) is calling for the removal of the LIBSYN board and replacement with its own slate of proposed directors.

CAMAC PARTNERS, LLC, investment manager of CAMAC FUND, L.P., issued a press release FRIDAY (4/26) calling for a special shareholder meeting and the removal of the present board (CEO CHRISTOPHER SPENCER and directors DOUGLAS POLINSKY, GREG SMITH, and DENIS YEVSTIFEYEV).  CAMAC wants to nominate CAMAC Managing Member ERIC SHAHINIAN, MAGIS CAPITAL PARTNERS LLC's MICHAEL CRICENTI, UNIVISION's SIMEON MCMILLAN, ANBARIC AUDIO CEO ad former FIRST LOOK MEDIA/TOPIC STUDIOS EP ADAM PINCUS, and PALM ACTIVE PARTNERS LLC's BRADLEY M. TIRPAK to the board.

“It is long-past time for meaningful improvements at LIBSYN,” said SHAHINIAN. “The current board of directors and management team have consistently lined their own pockets at the expense of stockholders. From outsized executive pay, to massive stockholder dilution to poor capital allocation, there is simply no excuse for the current state of LIBSYN. Recent actions by the board and management to further increase their own compensation and continue to dilute stockholders will not be tolerated. We are committed to improving LIBSYN for the benefit of all stockholders.”

“We think that all existing directors should be removed,” added SHAHINIAN. “In addition, we are proposing the election of five highly qualified, independent nominees. We believe that our nominees -- MICHAEL CRICENTI, SIMEON MCMILLAN, ADAM PINCUS, ERIC SHAHINIAN, snd  BRADLEY M. TIRPAK -- will bring needed discipline to LIBSYN and an unwavering commitment to stockholder value....  We strongly caution LIBSYN and its board of directors against taking any actions that might interfere with the will of stockholders or otherwise prevent stockholders from having a say in the future of their company. We will do everything necessary to ensure that stockholders -- the true owners of LIBSYN -- have the opportunity to fully and fairly consider our proposals.”

A special meeting will require 25% of shareholders to sign on to the request.

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