HOUSTON, Jan. 15, 2019 /PRNewswire/ -- BLR Partners and Josh Schechter own in excess of 2% of Medley Capital Corporation (NYSE: MCC) and intend to vote against the proposed combination transaction with Sierra Income and Medley Management. Our objections to the transaction are substantially similar to those voiced by three other shareholders already have publicly stated the same intention while providing a long list of justifications for their decision.
Inexplicably, the four "independent directors" Arthur Ainsberg, Karin Hirtler-Garvey, Mark Lerdal and John E. Mack have approved a transaction that we believe facially is not in the best interests of shareholders, that transfers significant value to hopelessly conflicted insiders and that represents a complete abdication of their fiduciary duty to protect the interests of shareholders generally.
In addition to serving as notice of our intent to vote against this disturbing transaction, this letter serves as a demand for the immediate resignation of each of the independent directors who we believe have forfeited their rights to serve as directors by approving an "inside deal" without running a process to maximize shareholder value. We believe their conduct has irrevocably undermined shareholder trust in their independence and judgment.
Contact: Josh Schechter, (310) 210-4584
SOURCE BLR Partners and Josh Schechter