A major Fisher Communications (KOMO TV & radio, Star 101, KVI) shareholder, FrontFour Capital, a hedge fund, has told the company it plans to nominate four new board members at the upcoming shareholders' meeting.
According to Radio Ink, the investor, wrote in a letter to Fisher that it had
"... serious concerns with the continued underperformance of the company under this board and management team" and that it has "lost all confidence in the ability of management to take the necessary steps to enhance value at Fisher and in the board's ability to hold management accountable or its poor performance."
FrontFour was pissed at Fisher's decision in December to reject a buyout bid from Huntingdon Real Estate Investment Trust. They say they believe "the best way to maximize shareholder value is to begin a review on the way to selling the company to the highest bidder." The letter also accuses the Fisher board of letting opportunities to maximize shareholder value "slip by without proper consideration."
The plot sickens to note that FrontFour Managing Member David Lorber is not only a member of the Fisher board, and also a member of the Huntingdon board of trustees; Huntingdon President/CEO Zachary George is a co-founder and managing member of FrontFour. Lorber recused himself from deliberations on the buyout.
"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."
As bad as Fisher is, at least it's still local company. If you thought they were tone deaf, hard-assed, and unresponsive, just wait until this bunch gets hold of these properties...
(thanks to Billy Bob)