Fisher annual meeting: there will be blood.

Major New York investors in Seattle's Fisher Communications say they'll fight a plan by the company to issue more than a million additional shares of stock, according to the Puget Sound Business Journal.

Their opposition sets the stage for a shoot-out at Fisher Communications' annual shareholders meeting April 30 in Seattle.

It's more trouble for CEO Colleen Brown who's shepherded the company into a series of financial cowpatties for the last few years. (photo: Colleen Brown, not as smart as she looks)

Fisher (KOMOTV, KOMO radio, KVI) says the new shares would be a compensation package for executives and key employees.The"equity incentive" stock program would equal about 12 percent of Fisher's stock valued at more than $30 million.

The investors say it would water down the value of their stock.

PSBJ's Greg Lamm writes:

New York money manager Mario Gabelli and New York investor Daniel Tisch, who together control 27 percent of Fisher's common stock, have blasted the plan.

Fisher Communications is vulnerable to shareholder criticism for coming up with a lucrative executive-compensation plan during a time when the stock price has lost nearly 40 percent of its value. Fisher stock fell from nearly $52 a share in mid-August to below $29 in mid-March. The stock was trading earlier this week at $30 a share.

Gabelli said in an SEC filing earlier this month they'd withhold their votes director nominees at its annual shareholder meeting, and perhaps even put up its own slate of candidates.

Observers, according to Lamm, said this week that it was hard to determine if the company is seeking to dilute Tisch's investment to thwart any possible takeover bid.

Lamm writes that neither Fisher CEO Colleen Brown nor acting Chief Financial Officer Joseph Lovejoy were available for comment.

Comments

[Duffman]

So, am I understanding the implication herein. Are they trying to issue the additional shares to further dilute the stock but create golden parachutes for the principals?
How about Carleen and Kirby? So, do you Carleen will be at that meeting? THINK SO!

[KS]

So maybe they take a meat clever to at least part of Kirby and Company.. Heard that Glenn Beck - Mr. ADD-Nation is beating them in the ratings.

[joanie hussein for obama]

I would think Fisher would keep control by controlling the majority of stock. Isn't that how it works? Can someone take over if they have a minority share?

Also, seems to me they just want more money in their own pockets. Issuing more shares would certainly do that.

I bought shares in a local rising pharmaceutical which went from $9 to $24 a share. Now it is at $2.83 or something horrible like that.

After reading an opinion piece by a pretty reliable business writer who analyzed the stock, it seems the only one who ever gets rich on Quay's companies is him!

Live and learn. I did sell it at the right time but the damn broker bought it back for me . . . another long story. Suffice it to say, me and stocks don't do well together.

[Rich Meell]

I'd like to see them take a cleaver and lope off 50 lbs from Kirby's fat ass. That man is a piece of work.