Feldman Mall agrees to add investor to slate of director nominees

By Lisa Kerner

Charlotte, N.C., May 14 - Feldman Mall Properties, Inc. investor James W. Sight withdrew his purported nomination of three people for election to the company's board of directors after he was added to the board's slate of director nominees, according to a schedule 13D filed with the Securities and Exchange Commission.

Sight also agreed not to solicit proxies in connection with the meeting, to vote his shares in favor of Feldman Mall's director nominees and to comply with certain standstill provisions, the filing said.

In April, Sight said he would put forth a slate of nominees based on Feldman Mall's "continuing underperformance."

Sight, a 6.76% stakeholder, also said Feldman Mall refused to supply him a shareholder list based on what he called a "self-serving technicality."

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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