Davidson Kempner Capital Management LLC Condemns Sun-Times Board Announcement.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Davidson Kempner Capital Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the sizeable Sun-Times Media Group Sun-Times Media Group (until recently Hollinger International) NYSE: SVN is the holding company of a Chicago based newspaper group. Thirty percent (and 78% of the voting share) of the group is owned by Canadian based Hollinger Inc. Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :SUTM) stockholder that is currently undertaking a consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with to replace the current Sun-Times Board of Directors with new directors who are seasoned publishing and turnaround executives, today condemned last Friday's announcement from the Sun-Times Board abandoning its earlier commitment to replace a number of its current directors by January 1, 2009. "This decision by the current Board to further entrench en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. itself, despite repeated previous commitments to board renewal should leave every Sun-Times shareholder deeply concerned about the company's future. Under the incumbent Board of Directors, Sun-Times has experienced serious declines in operating performance, a potentially destructive liquidity crisis, and the almost complete deterioration of stockholder value with shares now trading at a paltry 6 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . "In addition to these failings, the Board is unable even to identify to stockholders any new directors to join Sun-Times, despite a recruitment effort that by the Board's own admission has been underway for many months. Friday's announcement further calls into question the credibility of the Board's promises to stockholders. The Board's failure to recruit new directors has nothing to do with Davidson Kempner's consent solicitation, and everything to do with the dismal track record of the current directors who do not possess the necessary publishing and restructuring credentials. "Davidson Kempner has proposed a reconstituted board with new directors who we believe have the publishing and restructuring experience and credentials to rescue Sun-Times and create long-term value for its shareholders. We therefore urge Sun-Times stockholders to provide their consents to remove the present Sun-Times Board, and appoint the new appropriately experienced board of directors that we have nominated," Davidson Kempner said. If stockholders have any questions, or need assistance in providing their consent, please call Innisfree M&A Incorporated toll-free at (888) 750-5834. (Banks and brokers may call collect at (212) 750-5833). |
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