Fisher Board Takeover ThwartedFrontFour dissident faction still gets two directors voted in 5/19/2011 09:00:17 PM Eastern
Fisher Communications' shareholders have elected two of the Fisher-backed nominees to the board, and two from a rival faction backed by FrontFour Capital.
The new directors are current board member Richard Hawley and new nominee Roger Ogden, both backed by Fisher. Fisher's other board hopefuls, Anthony Cassara and Michael D. Wortsman, were not elected to director positions.
FrontFour's successful picks are Joseph Troy and Matthew Goldfarb; two other FrontFour choices were not voted in.
FrontFour is a Stamford-based hedge fund. Fisher and FrontFour had engaged in a series of barbed letters to shareholders leading up to the elections. Fisher had warned shareholders not to let FrontFour "steal your company away from you" by getting its full slate of four candidates voted in. For its part, FrontFour blasted Fisher for "ill-conceived acquisitions" and other management decisions.
Fisher board member David Lorber is head of FrontFour. Lorber has been on the board since April 2009.
Goldfarb is a portfolio manager of Fourth Street Holdings and Joseph Troy is CFO of Quality Distribution, Inc.
"We remain committed to building long-term value for all of our shareholders and we look forward to working with all of our newly elected directors to continue the operational and financial momentum that has enabled Fisher to deliver peer-leading growth," Fisher said in a statement. "We are also very grateful to our departing Board members for their significant contributions and outstanding service to Fisher and our shareholders.