Orbcomm director nominees gain support of second proxy advisory firm

By Lisa Kerner

Charlotte, N.C., April 28 - RiskMetrics Group/ISS is recommending that Orbcomm Inc. shareholders vote for both of the company's nominees - Jerome Eisenberg and Marco Fuchs - and reject the dissident slate at the annual meeting on May 6, Orbcomm announced on Tuesday.

Another proxy advisory firm, Glass, Lewis & Co., made the same recommendation one week ago.

As previously reported, a dissident shareholder group is nominating Steven Chrust and Michael Miron for election to Orbcomm's board.

Miron is the founder and managing director of MM & Co., an independent consultant/adviser to technology-based businesses.

Chrust is the founder and a senior principal of Centripetal Capital Partners, LLC, a private equity investment firm.

According to Orbcomm, RiskMetrics' report said, "Given the timing of dissident's proposed capital raise, the similarity between the management and dissident's plans, and the potential conflict of interest issues discussed earlier, shareholders may have concerns about the dissident's ability to effect change."

RiskMetrics also said neither Miron nor Chrust "have any recent satellite industry or public board experience," while "both the incumbent nominees have direct industry and public board experience."

Eisenberg is a founder of Satcom International Group, Inc., and Fuchs is the former chief executive officer and chairman of OHB Technology AG.

Orbcomm is a Fort Lee, N.J., satellite data communications company.

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