NEW YORK, June 9 /PRNewswire/ -- Gregory S. Meyer sent an open letter to Blockbuster Inc. stockholders today urging them to protect their interests by voting the GOLD proxy card. Meyer addresses a number of false statements and misrepresentations by Blockbuster's incumbent board in their recent communications with shareholders, which he describes as an effort "to take the focus off the board's poor performance, destruction of shareholder value, and lack of accountability over the past five years."
Meyer provides some insight into recent comments by board nominee Gary J. Fernandes: "While Mr. Fernandes may be a high quality business executive, his past experience has not translated into positive operational or financial results at Blockbuster during his tenure on the board these past five years. In fact, recent comments by Fernandes himself demonstrate that he may be hopelessly out of touch with the realities of the very failures that have driven the Company to its current position."
Finally, Meyer points to the combined tailwinds of the 28-day new release window advantage and the closing of thousands of Movie Gallery/Hollywood Video stores as evidence that Blockbuster has the potential to experience an operational turnaround in the next few quarters if supported by a strong board: "I am confident that a more independent board with specifically relevant expertise will assist Blockbuster to once again regain its rightful position as the leading home entertainment company with a value proposition unmatched by its peers."
The entire letter can be viewed here:
VOTE THE GOLD PROXY CARD TODAY
Shareholders are urged to vote the GOLD proxy card and NOT to sign any white proxy card sent to you by Blockbuster. Even if you have sent a white proxy card to Blockbuster, you have every right to change your vote. You may revoke that proxy and vote FOR Gregory S. Meyer - by signing, dating and mailing a later dated GOLD proxy card.
In connection with Blockbuster's 2010 Annual Meeting of Shareholders, Gregory S. Meyer has filed a definitive proxy statement on Schedule 14A with the Securities and Exchange Commission (the "SEC") containing information about the solicitation of proxies for use at the 2010 Annual Meeting of Shareholders of Blockbuster Inc. The definitive proxy statement and the GOLD proxy card were disseminated to shareholders of Blockbuster Inc. on or about May 25, 2010.
SHAREHOLDERS OF BLOCKBUSTER ARE URGED TO READ THE PROXY STATEMENT CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. The definitive proxy statement and other relevant documents relating to the solicitation of proxies by Gregory S. Meyer are available at no charge on the SEC's website at http://www.sec.gov.
Cautionary Statement Regarding Forward-Looking Statements
This letter contains forward-looking statements. All statements contained in this letter that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of Gregory S. Meyer, CFA and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate.
Gregory S. Meyer, 212-444-8784
SOURCE Gregory S. Meyer