Feldman Mall shareholder to nominate slate of director nominees

By Lisa Kerner

Charlotte, N.C., April 23 - Feldman Mall Properties, Inc. investor James W. Sight said he will put forth a slate of nominees for election to the company's board of directors at the 2008 annual meeting.

Sight's decision was based on the "continuing underperformance" of Feldman Mall, according to a schedule 13D filing with the Securities and Exchange Commission.

Feldman Mall refused to supply Sight, a 6.76% stakeholder, with a shareholder list based on a "self-serving technicality," the filing stated.

The board, instead of adding experienced shareholders, looks to outsiders who own little or no stock in Feldman Mall, Sight added.

Sight said it is "outrageous" that a company that has been so "blatantly mismanaged" would "ignore and stifle shareholder attempts to help turn things around."

In March, 5.4% shareholder Paul J. Denby recommended that Feldman Mall pursue a sale or otherwise eliminate the expense of continuing as a public company, a prior SEC filing said.

Denby may seek to make changes to Feldman Mall's board of directors, believing that the two independent current board members are unconcerned with the company's stock performance as evidenced by their lack of ownership interest in Feldman Mall, it was previously reported.

Feldman Mall is a Great Neck, N.Y., real estate investment trust.

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