www.chicagobusiness.com/cgi-bin/news.pl?id=32313 -
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Published on: 12/25/2008
Last Visited: 12/25/2008
Calling it an "easy decision" in light of the poor performance of the current board, K Capital Management, which owns 8.6 million Sun-Times shares, said it signed the consent solicitation from fellow shareholder Davidson Kempner in order to "give the company new, more experienced leadership," according to a letter from K Capital portfolio manager Abner Kurtin to Sun-Times board member Raymond Seitz.
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"K Capital is shocked that the board would fight this proposal given the disastrous operating results and shareholder losses over the last few years due to the board's inaction," Mr. Kurtin said in the letter, addressed to Mr. Seitz, who plans to leave the board at the end of the year.