Shareholder won't seek reimbursement from Footstar if its nominees are elected June 17

By Lisa Kerner

Charlotte, N.C., June 5 - Outpoint Group said that despite language used in its definitive proxy statement, it will not seek reimbursement from Footstar, Inc. if it succeeds in electing Jordan Grayson and Zachary Prensky to the company's board of directors at the annual meeting on June 17.

In a statement released on Thursday, the New York-based investment manager stressed it never had any intention to seek reimbursement in the event its nominees are elected.

Boilerplate language was erroneously included in the schedule 14A filed with the Securities and Exchange Commission on May 21, Outpoint noted.

Outpoint owns 2.8% of the outstanding common stock of the Mahwah, N.J., discount footwear company.

On May 9, Footstar's board of directors declared a special cash distribution to shareholders of $1 per common share as the company continues to wind down its business through 2009.

The special distribution, funded with proceeds from the sale of the company's brands to Kmart, was slated to be paid on June 3 to shareholders of record at the close of business on May 28, it was previously reported.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.