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Technology Stocks : Metromedia International Group (MMG) Looking for Opinions
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To: Lionel Parker Perkins III who started this subject11/17/2001 8:04:10 AM
From: leigh aulper   of 353
 
Lens Statement Regarding Metromedia International Group Management Changes


PORTLAND, Maine, Nov. 16 /PRNewswire/ -- In response to yesterday's management changes announced by Metromedia International Group (Amex: MMG), Richard A. Bennett, Chief Activism Officer of Lens Investment Management, the shareholder activist specialist firm which worked with Elliott Associates in its MMG efforts, made the following statement:

"We are cautiously optimistic that MMG's decision to finally appoint an efficient, dedicated management team will begin the long overdue process of unlocking the company's value for its non-affiliated shareholders. These shareholders, who expressed their dissatisfaction with the company's performance by voting overwhelmingly for our opposition board candidates at the company's annual meeting, should rest assured that their support of our long battle with MMG's former management team helped bring about these changes. On behalf of all of MMG's non-affiliated shareholders, we urge Mr. Brazell to immediately begin returning value to the company's rightful owners, its shareholders. Specifically, we urge Mr. Brazell to implement the CalPERS resolution, which was endorsed by a majority of shareholders voting at the annual meeting, to declassify the Board and allow shareholders to elect all of the members of the board on an annual basis. We would regard the failure of the new MMG management to implement the declassification resolution as a snub to the will of a majority of MMG's shareholders and evidence that the shareholder-friendliness exhibited by the change of management will be short-lived."
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