HedgeCo News - FrontFour Master Fund, Ltd., an affiliate of hedge fund investor FrontFour Capital Group LLC., has written a letter to the stockholders of Fisher Communications, Inc., criticizing the current board of directors and nominating new candidates. Fisher's stock has recently declined by 48%, representing a total stockholder loss of $173 million.
"FrontFour is compelled to run this election contest because after having one representative on the Board for two years, we were unable to get the Board to take the necessary steps to improve stockholder value." the activist hedge fund investor, who is also a long-term stockholder of Fisher, said in the letter, "We are seeking your support to elect highly qualified candidates to the Board of Directors of Fisher at its 2011 Annual Meeting of Stockholders."
FrontFour has nominated John F. Powers, Joseph J. Troy, Matthew Goldfarb and Stephen Loukas as qualified director candidates.
"If elected, our nominees will seek to have the Board carry out an operational and strategic analysis of all alternatives to maximize stockholder value, including ways to monetize Fisher Plaza." FrontFour concluded.