Footstar calls Outpoint's latest statement a sign of desperation

By Lisa Kerner

Charlotte, N.C., June 13 - Footstar, Inc. called Outpoint Group's latest news release "disingenuous" and a "clear sign of desperation" ahead of Footstar's annual meeting on Tuesday.

Regarding Outpoint's "discovery" of chairman of the board Jonathan M. Couchman's Golf Trust directorship, Footstar said it's been fully disclosed on Footstar's proxy statement since May 7.

Footstar once again urged shareholders to return their white proxy cards to re-elect Footstar's director nominees, Adam Finerman and Gerald Kelly.

Couchman made a similar plea to shareholders in a June 11 letter to shareholders.

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

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

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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