Metromedia International Group Shareholders File Preliminary Proxy Statement - Nominate Three Directors; Offer Two Shareholder Proposals

Apr 17, 2001, 01:00 ET from Lens

    PORTLAND, Maine, April 17 /PRNewswire/ -- Elliott Associates, L.P and
 Elliott International, L.P., institutional investment firms under common
 management, have filed a preliminary proxy statement with the Securities and
 Exchange Commission in connection with the 2001 Annual Meeting of Metromedia
 International Group, Inc. (Amex:   MMG).  The proxy nominates three candidates
 to the MMG Board of Directors and puts forward two shareholder proposals.
 Elliott Associates and Elliott International are working with Lens Investment
 Management, the shareholder activism specialist, in their dealings with MMG.
     Candidates for Metromedia International Group's Board of Directors are
 (biographies follow):
 
     *  Robert A.G. Monks
     *  John P.M. Higgins
     *  Robert B. Holmes
 
     The shareholder proposals would amend MMG's bylaws to: 1) allow no more
 than one insider to serve on the Board; and 2) permit shareholders to call for
 special meetings.
     The preliminary proxy statement, which can be found on the SEC's Website
 at http://www.sec.gov or http://www.freeedgar.com, outlines the shareholders'
 concerns with MMG's severely depressed stock price and the direction in which
 MMG's Board and management are leading the company.  In the preliminary proxy
 statement, the shareholders indicate their belief that MMG could be worth in
 excess of $9.00 per share based on the implied value of MMG's interests in its
 constituent units, net of debt.  MMG closed yesterday, April 16, at $2.62 per
 share.
     The filing outlines shareholders' opposition to what they believe to be
 MMG's "abysmal stock price performance" over the last five years, its
 unusually complicated corporate structure, its confusing financial reporting,
 its inconclusive efforts to sell the non-core Snapper lawn and garden
 equipment business, the lack of equity analyst coverage, the distraction of
 company management caused by executive positions held at other companies, and
 the dominance of insiders on the company's Board of Directors.  The filing
 sets forth a program of actions to be advocated by the nominees in order to
 address these issues and maximize stockholder value.
     Metromedia International Group, Inc. is a global communications and media
 company operating telephony and television businesses in Eastern Europe, the
 republics of the former Soviet Union and other emerging markets.  The company,
 headed by Chairman John W. Kluge and CEO Stuart Subotnick, also owns the lawn
 and garden equipment manufacturer Snapper, which it has called a "non-core"
 asset.
     Elliott Associates, L.P. and Elliott International, L.P. are institutional
 investors with a collective ownership of approximately 3.7% of MMG Common
 Stock.  Elliott Associates is based in New York, and Elliott International is
 based in the Cayman Islands.  The investment activities of Elliott Associates
 and Elliott International are under common management.
     Founded in 1991 by Robert A.G. Monks as an investment management firm,
 Lens was among the first fund managers to take an active role in corporate
 governance.  Over the past decade, Lens, which no longer operates as a
 portfolio manager, but rather as a specialist in investor activism, has
 succeeded in increasing the value of shareholders' investment in companies
 including Scott Paper, American Express, Eastman Kodak and Pioneer Group.  A
 copy of this and all previous Lens press releases relating to MMG can be found
 online at http://www.lens-inc.com.
     The persons issuing this press release (the "Participants") have filed a
 preliminary proxy statement with the Securities and Exchange Commission in
 connection with the solicitation of proxies with respect to MMG.  They advise
 all MMG stockholders to read the preliminary proxy statement because it
 contains important information, including the identities of the Participants
 and a description of their interests.  The preliminary proxy statement is
 available at no charge on the SEC's Website at http://www.sec.gov.
 
     Biographies of Candidates
 
     ROBERT A. G. MONKS, Age 67
     Mr. Monks is currently the Chairman of Lens, a Maine limited liability
 company ("Lens") and a shareholder activist specialist, and has been a
 principal in and a participant in the management of Lens since 1990.  Monks
 has also served as a director of Ram Trust Services Inc., a Portland,
 Maine-based investment management organization ("Ram"), and as Joint Deputy
 Chairman of Hermes Lens Asset Management Ltd., a United Kingdom corporation
 and an investment management and investment advisory business ("Hermes Lens"),
 since 1998.  Formerly, Mr. Monks served as a Director of Tyco International
 Ltd., a diversified manufacturing and service company; the Jeffries Group; and
 The Boston Company, an institutional investor.
 
     JOHN P. M. HIGGINS, Age 52
     Mr. Higgins has been a principal in and served as the President and Chief
 Investment Officer at Lens since 1992.  Since March 1996, he has also been the
 President and a director of Ram and an alternate director of Hermes Lens since
 1998.  Mr. Higgins was a founding director and Chairman of the Executive
 Committee of Atlantic Bank, N.A., a national bank, from 1994 until 1997.
 
     ROBERT B. HOLMES, Age 69
     Mr. Holmes has served as Senior Advisor at Lens since 1995.  Since March
 1996, he has been an advisor to Mitsubishi Corporation, a Japanese trading
 company; an advisor to Mitsubishi International Corp., the primary United
 States subsidiary of Mitsubishi Corporation; and an advisor to MC Financial
 Services, Inc., a United States subsidiary of Mitsubishi Corporation.  Since
 1998, he has been an advisor to Nihon Nosan Kogyo K.K., a Japanese company
 that processes grain, animal feed products and various consumer food products.
 From 1994 until 1996, Mr. Holmes was a Director of Atlantic Bank N.A. and he
 is currently a Director of Mitsubishi International Corp. and an Advisory
 Director of Ripplewood Holdings L.L.C., a manager of private equity funds.
 
 

SOURCE Lens
    PORTLAND, Maine, April 17 /PRNewswire/ -- Elliott Associates, L.P and
 Elliott International, L.P., institutional investment firms under common
 management, have filed a preliminary proxy statement with the Securities and
 Exchange Commission in connection with the 2001 Annual Meeting of Metromedia
 International Group, Inc. (Amex:   MMG).  The proxy nominates three candidates
 to the MMG Board of Directors and puts forward two shareholder proposals.
 Elliott Associates and Elliott International are working with Lens Investment
 Management, the shareholder activism specialist, in their dealings with MMG.
     Candidates for Metromedia International Group's Board of Directors are
 (biographies follow):
 
     *  Robert A.G. Monks
     *  John P.M. Higgins
     *  Robert B. Holmes
 
     The shareholder proposals would amend MMG's bylaws to: 1) allow no more
 than one insider to serve on the Board; and 2) permit shareholders to call for
 special meetings.
     The preliminary proxy statement, which can be found on the SEC's Website
 at http://www.sec.gov or http://www.freeedgar.com, outlines the shareholders'
 concerns with MMG's severely depressed stock price and the direction in which
 MMG's Board and management are leading the company.  In the preliminary proxy
 statement, the shareholders indicate their belief that MMG could be worth in
 excess of $9.00 per share based on the implied value of MMG's interests in its
 constituent units, net of debt.  MMG closed yesterday, April 16, at $2.62 per
 share.
     The filing outlines shareholders' opposition to what they believe to be
 MMG's "abysmal stock price performance" over the last five years, its
 unusually complicated corporate structure, its confusing financial reporting,
 its inconclusive efforts to sell the non-core Snapper lawn and garden
 equipment business, the lack of equity analyst coverage, the distraction of
 company management caused by executive positions held at other companies, and
 the dominance of insiders on the company's Board of Directors.  The filing
 sets forth a program of actions to be advocated by the nominees in order to
 address these issues and maximize stockholder value.
     Metromedia International Group, Inc. is a global communications and media
 company operating telephony and television businesses in Eastern Europe, the
 republics of the former Soviet Union and other emerging markets.  The company,
 headed by Chairman John W. Kluge and CEO Stuart Subotnick, also owns the lawn
 and garden equipment manufacturer Snapper, which it has called a "non-core"
 asset.
     Elliott Associates, L.P. and Elliott International, L.P. are institutional
 investors with a collective ownership of approximately 3.7% of MMG Common
 Stock.  Elliott Associates is based in New York, and Elliott International is
 based in the Cayman Islands.  The investment activities of Elliott Associates
 and Elliott International are under common management.
     Founded in 1991 by Robert A.G. Monks as an investment management firm,
 Lens was among the first fund managers to take an active role in corporate
 governance.  Over the past decade, Lens, which no longer operates as a
 portfolio manager, but rather as a specialist in investor activism, has
 succeeded in increasing the value of shareholders' investment in companies
 including Scott Paper, American Express, Eastman Kodak and Pioneer Group.  A
 copy of this and all previous Lens press releases relating to MMG can be found
 online at http://www.lens-inc.com.
     The persons issuing this press release (the "Participants") have filed a
 preliminary proxy statement with the Securities and Exchange Commission in
 connection with the solicitation of proxies with respect to MMG.  They advise
 all MMG stockholders to read the preliminary proxy statement because it
 contains important information, including the identities of the Participants
 and a description of their interests.  The preliminary proxy statement is
 available at no charge on the SEC's Website at http://www.sec.gov.
 
     Biographies of Candidates
 
     ROBERT A. G. MONKS, Age 67
     Mr. Monks is currently the Chairman of Lens, a Maine limited liability
 company ("Lens") and a shareholder activist specialist, and has been a
 principal in and a participant in the management of Lens since 1990.  Monks
 has also served as a director of Ram Trust Services Inc., a Portland,
 Maine-based investment management organization ("Ram"), and as Joint Deputy
 Chairman of Hermes Lens Asset Management Ltd., a United Kingdom corporation
 and an investment management and investment advisory business ("Hermes Lens"),
 since 1998.  Formerly, Mr. Monks served as a Director of Tyco International
 Ltd., a diversified manufacturing and service company; the Jeffries Group; and
 The Boston Company, an institutional investor.
 
     JOHN P. M. HIGGINS, Age 52
     Mr. Higgins has been a principal in and served as the President and Chief
 Investment Officer at Lens since 1992.  Since March 1996, he has also been the
 President and a director of Ram and an alternate director of Hermes Lens since
 1998.  Mr. Higgins was a founding director and Chairman of the Executive
 Committee of Atlantic Bank, N.A., a national bank, from 1994 until 1997.
 
     ROBERT B. HOLMES, Age 69
     Mr. Holmes has served as Senior Advisor at Lens since 1995.  Since March
 1996, he has been an advisor to Mitsubishi Corporation, a Japanese trading
 company; an advisor to Mitsubishi International Corp., the primary United
 States subsidiary of Mitsubishi Corporation; and an advisor to MC Financial
 Services, Inc., a United States subsidiary of Mitsubishi Corporation.  Since
 1998, he has been an advisor to Nihon Nosan Kogyo K.K., a Japanese company
 that processes grain, animal feed products and various consumer food products.
 From 1994 until 1996, Mr. Holmes was a Director of Atlantic Bank N.A. and he
 is currently a Director of Mitsubishi International Corp. and an Advisory
 Director of Ripplewood Holdings L.L.C., a manager of private equity funds.
 
 SOURCE  Lens