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Friday, April 22, 2011

Fisher decries "brazen attempt" by investor FrontFour to take it over

fisher communications Seattle-based Fisher Communications uses perhaps its strongest language to date in the proxy fight for control of its board. It alleges that FrontFour Capital Group wants to take over without paying a "control premium", thus shortchanging other shareholders. Fisher, leading up to the important May 11 shareholder meeting, also blasts FrontFour's David Lorber for his alleged conflicts of interest with Huntingdon Real Estate Investment Trust, which may be interested in the Fisher Plaza real estate in Seattle. Fisher observes that Lorber, who has been critical of Fisher management, had previous chances as a board member of Fisher to "demand accountability" - but voted with the other directors to reward CEO Colleen Fisher for exceeding her performance goals. Fisher says "Mr. Lorber also criticized the board's 2009 vote to not declassify the board of directors. However, what Mr. Lorber fails to tell you is that he was present at the meeting and voted with the rest of the directors, against declassification....He now claims he did not believe in his vote at the time."

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