TM Entertainment & Media, Inc. (stock symbol: [t]TMI[/t] (<span style='font-size:11px'>LAST</span>: 7.3<span style='font-size:11px'> 12/31/1969 7:00:00 PM</span>) ), which raised $82,040,000 when it went public on October 18, 2007, has until October 17, 2009 to complete an acquisition. The common shares closed at $7.36 on Friday. The trust fund holds cash in the amount of $7.91 per share.
One of TMI’s shareholders, a partnership associated with the Bulldog Investors group, is soliciting consent cards for the purpose of replacing the current board of directors of TMI with individuals who would immediately liquidate the company. They need consent cards from 50% of TMI’s shareholders.
CONSENT SOLICITATION OF OPPORTUNITY PARTNERS L.P. TO SEEK THEPROMPT DISSOLUTION OF TM ENTERTAINMENT AND MEDIA, INC.
Opportunity Partners L.P., the soliciting person, is a private investment partnership in the Bulldog Investors group of funds and a shareholder of TM Entertainment and Media, Inc. (TMI). We are seeking the consent of shareholders of TMI of record asof December --, 2008 to remove the incumbent directors and replace them with directors that will promptly dissolve TMI.
REASON FOR THE CONSENT SOLICITATION
As a result of poor market conditions, we believe there is virtually no chance that TMI can complete a transaction by October 17, 2009.As of December 12, 2008, the shares were trading at $7.23 and the trust account had cash of about $7.91 per share. Also, the TMI warrants have been trading at between 3 and 4 cents, confirming that investors believe a transaction is highly unlikely. Since TMIs stock price is significantly below the value of the trust account, we believe it is in the best interests of TMIs shareholders to dissolve TMI and thereby allow shareholders to realize the full value of their investment as quickly as possible.
HOW CONSENT CARDS WILL BE USED
If you complete and return a consent card to us or to our agent, your shares will aggregated with those of all other shareholders that return consent cards. You may revoke your consent at any time by delivering a written revocation to us or to our agent. If and when we have received unrevoked consent cards from the holders of at least 50% of TMIs outstanding shares, which is the percentage of shares necessary to for this action to take effect, we will deliver them to TMI.
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