Spanish Broadcasting System Series B Preferred Stockholders Propose Nominees for Election to Board of Directors
May 21 2014 - 12:45PM
Business Wire
Holders of a majority of outstanding shares of Spanish
Broadcasting System, Inc. (NASDAQ:SBSA) (“SBS”) Series B Preferred
Stock have selected two candidates for election to the company’s
board of directors. Holders of such preferred stock have the right
to elect two directors at SBS’s upcoming 2014 Annual Meeting of
Stockholders to be held in Miami on June 6, 2014.
The company was informed of the selection in a letter sent on
May 19, 2014 by Lehman Brothers Holdings Inc. (“Lehman”), which
holds approximately 38.8% of the Series B Preferred Stock. Lehman
is currently making distributions for the benefit of its creditors
pursuant to its court-approved bankruptcy plan.
The preferred shareholder nominees are Alan Miller and Gary
Stone, who bring a diverse set of expertise, professional
experience and relevant industry knowledge to the role of
independent director. Mr. Miller, a retired senior partner of the
law firm Weil, Gotshal & Manges, LLP, has extensive experience
serving on company boards and a track record of creating
shareholder value. Mr. Stone has over forty years of radio
broadcasting experience, including thirty years in Spanish media,
and is a seasoned chief operating officer who has served in this
capacity for ten years with Univision Radio.
Media:Lehman Brothers Holdings Inc.Kimberly Macleod,
646-285-9215kmacleod@lehmanholdings.com
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