Metromedia board temporarily adds director candidate Harley before board elections

By Caroline Salls

Pittsburgh, Oct. 10 - Metromedia International Group, Inc.'s board of directors has temporarily expanded the size of the board to 10 members and appointed William F. Harley III to the board as an independent class I director with a term expiring at the Dec. 15 annual meeting of stockholders, according to a company news release.

Harley has been included in a slate of five individuals nominated by stockholder Esopus Creek Capital to stand for election to the board at the stockholders' meeting.

"I am pleased with the board's willingness to invite me to join the board to help provide an open-minded and objective perspective as the board navigates through the complex tasks ahead," Harley said in the release.

"Joining the board today will provide me with valuable insight into the process that led to the recently announced letter of intent in respect of the sale of the company's remaining assets and the company's planned next steps.

"Notwithstanding my agreement to serve as one of the Esopus Creek nominees, I am approaching the upcoming board election with an open mind and am not legally committed to vote for any particular nominees."

Harley is co-portfolio manger and chief investment officer of Mellon HBV Alternative Strategies LLC, an investment adviser and beneficial owner of 7.91 million shares of Metromedia common stock.

Harley received a master's degree in public and private management from Yale University's School of Management in 1990 and a bachelor's degree in chemical engineering and a bachelor's degree in economics from Yale in 1986.

At the annual meeting of stockholders, the board will again be reduced to nine members, all of whom will be up for election, and the holders of the company's preferred stock will have the right to vote separately as a class for the election of two of the nine director positions.

Charlotte, N.C.-based Metromedia owns interests in communications and media businesses in the country of Georgia.

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