Footstar seeks shareholder support for re-election of director nominees on June 17

By Lisa Kerner

Charlotte, N.C., June 11 - Footstar, Inc. chairman of the board Jonathan M. Couchman urged shareholders to vote their white proxy cards for the re-election of Footstar's director nominees at the annual meeting on June 17.

In an open letter to shareholders, Couchman cited the "valuable contributions to the board" made by nominees Adam Finerman and Gerald Kelly.

Couchman also noted that proxy voting advisory firms RiskMetrics/ISS and Glass, Lewis & Co. recommended that Footstar shareholders vote for the pair.

According to Couchman, re-electing Finerman and Kelly will help assure that Footstar "continues to move forward without disruption to implement its liquidation plan and return value to shareholders."

Hedge fund Outpoint Group nominated Jordan Grayson and Zachary Prensky to the board.

Couchman claims that Grayson and Prensky are proposing a plan that Footstar's board is already pursuing: to liquidate the company and return money to shareholders.

It was previously reported that Outpoint owns 2.8% of the outstanding common stock of the Mahwah, N.J., discount footwear company.

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