Emerson Radio shareholder to withhold votes at annual meeting on Sept. 19

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Emerson Radio Corp. shareholder Lloyd I. Miller III intends to withhold votes for all of the company's director nominees at the annual meeting on Sept. 19.

Miller, the owner of more than 1.5 million shares, said he also intends to abstain from the ratification of auditors, according to a statement he released on Wednesday.

According to Miller:

• Emerson Radio has failed to provide adequate oversight of affiliated transactions with its controlling stockholder, Grande Holdings;

• Emerson Radio's board and management failed to complete the internal investigation of related-party transactions between Emerson Radio and Grande Holdings and to obtain full and appropriate repayments from Grande Holdings;

• Grande Holdings' chairman is also the chairman of Emerson Radio's board;

• There is an ongoing pattern of resignations of Emerson Radio's independent directors; and

• There is a continuing pattern of related-party transactions and weaknesses in internal controls at the company.

Emerson Radio, based in Parsippany, N.J., sells and licenses consumer electronic products.

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