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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Ann Corrigan who wrote (21662)	2/22/2008 4:03:37 PM
From: TideGlider	Respond to of 224655

INVESTORS ATTEMPT TO WRENCH CONTROL FROM MANIACAL FAMILY Reuters Investor group ready for New York Times proxy fight Friday February 22, 9:08 am ET By Kenneth Li and Michele Gershberg NEW YORK (Reuters) - A dissident investor group that has become the largest shareholder in The New York Times Co (NYSE:NYT - News) said on Thursday it was disappointed in a board slate put forward by the publisher and was preparing for a proxy battle. ADVERTISEMENT The group, comprised of hedge fund Harbinger Capital Partners and investment firm Firebrand Partners, disclosed in regulatory filings on Thursday that it had increased its stake in the Times to 15.6 percent from about 12 percent. The increased holding makes it the largest public shareholder of the publisher of the New York Times and International Herald Tribune, which is controlled by the Ochs-Sulzberger family through a dual-class share structure. The Times recommended on Thursday that shareholders vote for its own slate of directors, despite a proposal by the dissident investors to elect four alternate candidates to the board, according to a filing with the U.S. Securities and Exchange Commission. "Today's preliminary proxy filing by the New York Times Company is disappointing," a spokesman for Firebrand/Harbinger said in a statement. "As the company's largest shareholder, with over 15 percent of the Class A shares, we are particularly concerned that the company refused to interview any of our nominees despite our repeated offers to meet at their convenience." The group has hired proxy solicitor DF King and plans to file its preliminary proxy next week. A Times spokeswoman said the company was still reviewing the Firebrand/Harbinger candidates. Last week, the Times nominated two new candidates to its board: former Chief Executive of Salomon Inc Robert Denham and Drugstore.com CEO Dawn Lepore. In the regulatory filing, the Times nominated Lepore as one of 9 Class B directors. Denham will stand for election as one of four Class A candidates who are chosen by regular stockholders. The Times has fended off activist investors in the past, including an attempt last year by Morgan Stanley Investment Management to eliminate the dual-tiered share structure and separate the roles of Times Chairman and Publisher Arthur Sulzberger Jr. The company's annual shareholder meeting is set for April 22. (Editing by Andre Grenon)