– Help Camac Stop Egregious Pay Practices and Prevent Further Dilution –
NEW YORK–(BUSINESS WIRE)–$LSYN–Camac Fund, LP issued the following letter to fellow stockholders of
Liberated Syndication, Inc. (OTC: LSYN):
Camac Fund, LP (“Camac”), the beneficial owner of over 6% of Liberated
Syndication, Inc. (“Libsyn”), urges all stockholders to promptly return
the WHITE special meeting request card in order to call a special
meeting of Libsyn’s stockholders.
Camac is soliciting proxies to call a special meeting because it
believes that Libsyn is desperately in need of improved governance.
Camac reminds stockholders of the following:
-
Since Libsyn’s spin-out from FAB Universal Corp., Libsyn’s board of
directors has authorized the issuance of over 10 million new shares to
insiders for no financial consideration. Libsyn’s stockholders will
have been diluted by 49% if these shares fully vest. -
In 2019, Christopher J. Spencer, Libsyn’s chief executive officer, is
slated to receive a $400,000 salary and an $800,000 bonus, and John
Busshaus, Libsyn’s chief financial officer, is slated to receive a
$350,000 salary and a $700,000 bonus. This amounts to over 59% of
Libsyn’s 2018 income. -
Libsyn’s board of directors approved massive share awards to Messrs.
Spencer and Busshaus that were conditioned on the achievement of
certain milestones, Camac believes that Libsyn’s board of directors
has recently taken a number of troubling actions to permit the vesting
of one of these awards where Libsyn management had not met the
applicable performance threshold and extending the time to achieve the
thresholds for other awards.
Camac believes that the operating team at Libsyn has built a wonderful
business with tremendous potential. With the right board of directors,
Camac is confident that the best is yet to come.
Please help Camac bring needed improvements to Libsyn. Sign, date and
return the WHITE special meeting request card today.
Camac is eager to speak with its fellow Libsyn stockholders. Please
contact Camac using the contact information at the end of this release.
About Camac
Camac is a private investment firm founded in 2011. Camac focuses on
extremely mispriced assets in discrete pockets of opportunity. Camac
prides itself on its unique sourcing, flexible mandate, and constant
focus on non-competitive opportunities. Its investments are long term in
nature and focused on compounding capital over several decades rather
than months or years.
Contacts
Eric Shahinian
(914) 629-8496
[email protected]
